Ripple vs SEC Case Takes Another Turn as SEC Appeals Judge Torres' Ruling

The Securities and Exchange Commission (SEC) has filed a "notice of appeal" to the Second Circuit Court in its long-standing case against Ripple.

The Securities and Exchange Commission (SEC) has officially appealed Judge Analisa Torres’ ruling in its long-standing case against Ripple, filing a “notice of appeal” to the Second Circuit Court.

This comes two months after the judge's final judgment, keeping the four-year battle alive.

However, the SEC is yet to file its Form C, which will outline the specifics of its appeal. According to Eleanor Terrett, Ripple now waits for this filing to decide how to proceed, and they have 14 days to file a cross-appeal if they choose to.

The delay in filing has caused some uncertainty, but the XRP community is keeping a close watch on developments.

XRP’s October so far

October began with a mixed bag of developments for XRP. On the one hand, we saw Bitwise submitting an S-1 filing with the SEC to launch an XRP ETF, a move that could certainly be considered bullish for the cryptocurrency.

However, the SEC's appeal of Judge Analisa Torres' 2023 ruling in the Ripple vs. SEC case has cast a shadow over the optimism. The appeal saw XRP take a hit, dropping over 20%. At the time of writing, the token is trading at $0.52, which is still significantly lower than its weekly high.

Despite this, XRP is currently testing key levels, attempting to establish a local bottom. According to experts, we could still see further price volatility on the horizon.

What’s at stake with the SEC’s appeal?

The appeal comes after Judge Torres ruled that Ripple's programmatic sales did not violate the Securities Act, although she found Ripple to be liable for institutional sales. Crucially, her ruling also established that XRP is not inherently a security.

Now, the SEC is challenging this decision, and its appeal has sparked frustration within the XRP community.

Commenting on the development, Ripple CEO Brad Garlinghouse expressed his frustration, emphasizing that XRP's non-security status remains intact despite the SEC's actions.

Meanwhile, Stuart Alderoty, Ripple's Chief Legal Officer, called the SEC's decision “disappointing but expected.” Investor Bill Morgan also chimed in, highlighting the poor timing of the appeal, especially as many are anticipating a bull market.

Mixed market reactions

While some are anticipating further declines in XRP price, the market doesn't seem to be panicking. Many are brushing it off as a last-ditch effort by the SEC, driven by “vindictiveness,” and they're expecting the agency to lose once again.

Among those staying bullish is investor CrediBULL Crypto, who has opened long positions on XRP. In his view, the Bitwise filing for an XRP ETF is a more significant factor, and if XRP manages to hold support at $0.054, we could see a bull reversal, with resistance at $0.66.

Despite the uncertainty, XRP investors are holding firm, convinced that the market will ultimately prevail over the SEC's challenges.

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