XRP in Focus: SEC Appeals Ripple Ruling Amid Price Drop
XRP faced a major decline of 9.78% on October 2, closing at $0.5388. The drop follows the SEC’s decision to file an appeal against Ripple's previous ruling. The broader crypto market also saw a decline of 1.17%, indicating challenging conditions.
Legal Battle: SEC vs. Ripple
The SEC filed a Notice of Appeal, sparking reactions from Ripple executives. Stuart Alderoty, Ripple's Chief Legal Officer, expressed disappointment but highlighted the agency's ongoing litigation tactics. CEO Brad Garlinghouse reaffirmed XRP's status as a non-security, a cornerstone of Ripple's defense.
Next Steps in the Legal Process
Pro-crypto lawyers predict a timeline for the SEC's next steps, including the due date for briefs and potential cross-appeals from Ripple.
- SEC brief likely due 12/2/24.
- Oral arguments anticipated in late 2025.
- Final rulings expected in early 2026.
XRP Price Implications
Following the SEC's Notice of Appeal, XRP's price movements are highly speculative. A breach of the $0.50 level could intensify selling pressure, while recovery towards $0.55 may signal potential bullish conditions.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.