Recent developments in the XRP case have stirred significant reactions within the crypto community. Notably, prominent attorney James K. Filan confirmed that the US SEC‘s appeal against Ripple 
$1 has been submitted to the Second Circuit Court of Appeals. This official appeal has sparked conversations among XRP enthusiasts, particularly targeting Ripple CEO Brad Garlinghouse and co-founder Chris Larsen.
US SEC Targets Ripple Executives in Official Filing
The US SEC’s latest appeal has created astonishment in the crypto market by including Ripple executives Brad Garlinghouse and Chris Larsen. This development follows the original case, where the agency failed to substantiate its claims against the two executives. Furthermore, this move came shortly after the SEC recently issued a notice of appeal.
XRP Price Rises Despite US SEC Appeal
Today, XRP’s price increased by approximately 2%, trading at $0.5337, while its trading volume dropped to $1.20 billion, a 32% decrease. Despite the SEC’s appeal, the cryptocurrency reached a peak of $0.5384 and a low of $0.5172 in the last 24 hours.
Discussions regarding Ripple’s On-Demand Liquidity (ODL) system have resurfaced in light of the SEC’s latest appeal. Some factions have questioned whether ODL sales played a role in the allegations against Garlinghouse and Larsen. Bill Morgan clarified that ODL sales are part of Ripple’s corporate operations but do not pertain to the allegations against the executives.
“ODL sales are part of Ripple’s corporate operations, but they were not part of the accusations against executives.” – Bill Morgan
Meanwhile, Ripple’s General Counsel Stuart Alderoty suggested the possibility of a cross-appeal in the case. The SEC’s maneuver has drawn heavy criticism from the crypto community, and the market eagerly awaits the outcome of this appeal.
Recent developments may require XRP holders to prepare for a prolonged legal process as the SEC’s strategy to target executives again could influence the course of the proceedings and strengthen Ripple’s defense mechanisms.
The Ripple community carefully monitors the motivations and strategic objectives behind the SEC’s latest move, with varying opinions on how the case will conclude. The outcomes of the case could have significant implications for the future of XRP in the crypto market.
