XRP faced a steep decline of 9.78% on October 2, closing at $0.5388, following the SEC's recent filing of a Notice of Appeal against Ripple. This setback has intensified legal uncertainties surrounding the cryptocurrency, as Ripple continues to navigate its ongoing battle with the SEC.
Ripple's Response to the SEC Appeal
Rippleâs Chief Legal Officer, Stuart Alderoty, criticized the SEC's appeal as "litigation warfare" against the crypto industry. CEO Brad Garlinghouse reaffirmed that XRPâs designation as a non-security remains intact, despite the appeal's implications.
Legal Timeline Ahead
Pro-crypto lawyer Fred Rispoli outlined a potential timeline for the SEC appeal process, suggesting that a ruling may not arrive until early 2026. Key dates include:
SEC brief likely due: December 2, 2024
Rippleâs opening brief: Early January 2025
Oral arguments: September - October 2025
Potential ruling: January - April 2026
Market Reactions and Price Trends
Analysts predict that XRPâs price movements will be heavily influenced by the SEC's appeal developments. A challenge to the Programmatic Sales ruling could push XRP towards $0.40, while current bearish signals show support levels at $0.5250 and resistance around $0.5739.
Investors are advised to closely monitor appeal-related news, as these factors will significantly impact XRPâs market performance in the months to come.
