XRP Price Collapses as SEC Appeals Ripple Case

As a seasoned researcher and follower of the cryptocurrency market, I have witnessed numerous twists and turns in the ever-evolving landscape of digital assets. The recent announcement by the U.S. Securities and Exchange Commission (SEC) to appeal the Ripple case has once again stirred up a storm in the crypto community.


The U.S. Securities and Exchange Commission has decided to appeal the Ripple case. 

According to U.Today, there were many whispers that the agency would contest the court decision. Instead, they left everyone guessing right up until nearly the final moment. The due date for the SEC’s appeal was fixed on October 7th. (Paraphrased)

In 2021, Judge Analisa Torres of the United States District Court for the Southern District of New York classified secondary transactions involving XRP as non-securities. This decision was seen as a significant victory for Ripple, but the difference between programmatic and institutional sales has sparked much debate.

Over the past couple of weeks, there’s been much discussion among analysts regarding the possibility of the agency taking this step.

Ripple’s lead attorney, Stuart Alderoty, has expressed that he wouldn’t be taken aback by the SEC’s decision to appeal. He remains optimistic, though, that the legal classification of the XRP token won’t be impacted by this move.

XRP’s cost has dropped approximately 6% as per CoinGecko statistics, making it one of the less successful cryptocurrencies within the top 100 list. Right now, it’s being traded at around $0.56.

It should be noted that the existing ruling is highly unlikely to be altered until 2026.  

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2024-10-03 00:24