XRP in Focus: SEC Appeals Ripple Ruling Amid Price Drop

Thursday, 3 October 2024, 18:29

XRP faces a significant setback as it tumbles 9.78% following the SEC’s appeal against Ripple. This appeal prolongs the ongoing legal battle, impacting XRP's price dynamics.
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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.


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