Ripple (XRP) Price Drops After SEC Files Appeal in Long-Running Lawsuit
- Barbara StreisandOriginal
- 2024-10-04 07:12:20340browse
The XRP (XRP -9.08%) cryptocurrency, commonly known as Ripple, saw a sharp price drop on Thursday.
The XRP (XRP -9.08%) cryptocurrency, also known as Ripple, saw a sharp price decline on Thursday. The coin, which serves key functions in the RippleNet international payments system, slid as much as 11.9% in 24 hours.
The price drop came after the Securities and Exchange Commission (SEC) filed an appeal in its long-running lawsuit against Ripple Labs.
The SEC lawsuit lives on
Many Ripple investors expected the SEC lawsuit to wrap up this week, as the deadline for appeals was set for Oct. 7. Instead, the SEC opted to continue the case, arguing that the $125 million penalty "conflicts with decades of Supreme Court precedent and securities laws."
Representatives of Ripple Labs called the filing "disappointing" and not in the best interest of investors.
As the appeals deadline approached, the Ripple token's price surged 22% in two months. The move outperformed both the S&P 500 index and Bitcoin over this period. Investors saw the federal circuit court victory in August as a positive sign for the crypto industry in general and XRP in particular. The appeal took some of the bullish wind out of those billowing sails.
How much further will this case go?
The Ripple team now has 14 days to file cross-appeals for the portions it lost in the circuit court proceedings. Filings, arguments, and judicial opinions will continue for the time being.
Ripple Labs CEO Brad Garlinghouse vowed to continue fighting but also noted that the initial verdict already settled several critical matters.
"XRP's status as a non-security is the law of the land today — and that does not change even in the face of this misguided — and infuriating — appeal," Garlinghouse wrote in an X post. "Remember, when the SEC tried unsuccessfully to file an ‘interlocutory appeal’ they made clear they had no intention of challenging XRP's status as a non-security."
So the SEC lawsuit saga continues. I'm no lawyer, but cases like this one could eventually end up in the U.S. Supreme Court when all is said and done. That's a lengthy process with many氹uncertain stops along the way.
Crypto investors yearn for regulatory and legal certainty, and this appeal will achieve the opposite. The final outcome has now reverted to "unpredictable," and today's price drop for XRP tokens makes sense against that backdrop.
The above is the detailed content of Ripple (XRP) Price Drops After SEC Files Appeal in Long-Running Lawsuit. For more information, please follow other related articles on the PHP Chinese website!