As the case between Ripple 
$1 and the U.S. Securities and Exchange Commission (SEC) continues, the regulatory body submitted an “appeal notification” to the Second Circuit Court this week. The XRP community is uncertain about the specifics of the SEC’s appeal since the SEC has yet to clarify details with Form C. Nonetheless, recent reports suggest that the SEC seeks to appeal the $125 million penalty ruling against Ripple.
Details of the Case
In its earlier submitted appeal notification this week, the SEC designated August 7 as the ‘final decision’ date but did not clarify the specific issues it intends to contest. This has led to confusion within the XRP community as to whether the SEC is targeting the programmatic sales ruling from July 2023 or the $125 million penalty that Ripple must pay by August 7.
According to a verified court document, the SEC has appealed the final court ruling set for August 7, which targets Ripple’s $125 million penalty for institutional sales. While the blockchain company accepted this payment, the SEC is dissatisfied with the ruling as it initially sought a $2 billion penalty.
Timeline for Case Resolution and XRP Price Impact
Some crypto lawyers are focusing on the potential timeline for resolving the Ripple case. Attorney Fred Rispoli, an advocate for XRP, stated that the Second Circuit Court is not expected to render a decision before 2026. However, he noted that if both parties reach a settlement, the appeal could be withdrawn at any time.
Following the SEC’s appeal, XRP faced significant selling pressure, dropping over 15%. At the time of writing, the altcoin is trading at around $0.52, with a market capitalization of $29.7 billion.
Ripple has the right to file a counter-appeal in the XPR case within 14 days from today. The SEC’s prompt submission of Form C will provide clarity on how Ripple should proceed.
The outcome of the case is expected to significantly impact Ripple’s market position and the value of XRP. The approach taken by both parties will shape the overall perception of the cryptocurrency market.
