The U.S. Securities and Exchange Commission (SEC) has decided to appeal the district court’s rulings in the Ripple 
$1 XRP case. Ripple plans to file a cross-appeal against the regulatory body’s arguments. The cryptocurrency industry continues to face regulatory threats due to enforcement approaches, with XRP’s price remaining stable throughout the week.
Ripple Files Appeals to the Second Circuit Court
The SEC finally submitted its Form C filing related to the Ripple case to the Second Circuit Court. Form C 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, as well as the Form C filing date.
The SEC has appealed against the summary judgment concerning Ripple’s sales of XRP through crypto exchanges, its distributions to employees and others, and the sales by CEO Brad Garlinghouse and Chairman Chris Larsen. Under Gary Gensler’s leadership, the SEC continues its assault on the crypto market following recent losses and lawsuits against Binance and others. Stuart Alderoty criticized the SEC and Gensler’s approach and excessiveness.
Impact on XRP Price
The long-standing legal battle between the SEC and Ripple Labs has affected XRP’s price. While some experts believe the appeals will be impactful for several more years, recent analyst predictions and the company’s developments suggest otherwise. Ripple has recently launched crypto custody services for banks and fintech firms and is nearing the release of its RLUSD stablecoin.
Ripple’s various partnerships to promote the adoption of the XRP Ledger suggest that the price could reach $1 following the RLUSD launch, according to CoinGape’s XRP price analysis. The crypto industry remains optimistic about the SEC’s potential approval of an XRP ETF. However, Bitnomial’s XRP futures have faced challenges as the regulatory body claims they fall under both SEC and CFTC jurisdictions.
Following the SEC’s appeal in the Ripple case, XRP’s price increased by only 1% this week. The price is currently trading at $0.54, with a 30% decline in trading volume over the last 24 hours. This situation indicates a decrease in investor interest.
The legal battle between Ripple and the SEC continues to have significant effects on the cryptocurrency industry. The future of XRP will depend both on the progression of legal proceedings and the success of Ripple’s new initiatives. It will be crucial for participants in the market to closely monitor ongoing developments.
