The U.S. Securities and Exchange Commission (SEC) has decided to appeal the district court’s rulings in the Ripple XRP case. Ripple plans to file a cross-appeal.
Ripple's Appeals to the Second Circuit Court
The SEC submitted its Form C filing related to the Ripple case to the Second Circuit Court. This is a preliminary statement requested by the U.S. Court of Appeals. Ripple’s CEO Brad Garlinghouse and CLO Stuart Alderoty claimed that the SEC missed its final filing deadline. The SEC has appealed the summary judgment concerning Ripple’s sales of XRP and other aspects of the case.
Impact on XRP Price
The ongoing legal battle between the SEC and Ripple Labs has affected XRP’s price. Recent analyst predictions and company developments suggest stability. Ripple has launched crypto custody services for banks and fintech firms and is nearing the release of its RLUSD stablecoin. Following the SEC’s appeal, XRP’s price increased by 1% this week.
Future of XRP and the Crypto Market
The future of XRP will depend on legal proceedings and the success of Ripple’s new initiatives. Market participants continue to monitor ongoing developments. The crypto industry remains optimistic about potential regulatory changes.
The legal battle between Ripple and the SEC continues to have significant effects on the cryptocurrency industry. It is crucial for market participants to closely monitor ongoing developments.