The legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has taken a new turn, with the SEC filing an appeal against the 2023 ruling. Here’s a breakdown of the key developments:
Key Facts:
The SEC has appealed the 2023 court ruling that declared XRP is not a security in retail sales.
Following the announcement of the appeal, XRP’s price saw an 11% drop.
Initially, the SEC sought $2 billion in damages from Ripple, but the court imposed a reduced penalty of $125 million.
Current Status:
XRP’s classification as a “non-security” in retail sales remains unchanged.
The SEC’s appeal focuses specifically on institutional sales, not the entire verdict.
The appeal process could take up to 90 days to conclude.
Market Impact:
Despite the legal uncertainty, XRP has regained momentum, trading at $1.04.
Speculation regarding the potential resignation of SEC Chairman Gary Gensler has contributed to positive market sentiment.
Whales (large investors) have increased their holdings, accumulating 45.61 billion XRP tokens.
Market Sentiment:
Despite the ongoing legal challenges, XRP continues to exhibit bullish momentum. Investor confidence in a favorable long-term outcome remains strong, underscoring market resilience amid legal uncertainty.
