XRP Faces Market Pressure as SEC Appeal Sparks Uncertainty

  • XRP remains below $0.55 as the SEC’s appeal on programmatic sales weigh on the market.

  • The appeal challenges the July ruling, which cleared Ripple’s programmatic sales of XRP.

  • Ripple stresses that the question of XRP not being a security is fundamentally settled.

XRP remains under pressure as the U.S. Securities and Exchange Commission (SEC) appeals a court ruling on Ripple’s programmatic sales. On October 18, XRP closed at $0.5474, a slight gain of 0.62% for the day but still below the key resistance mark at $0.55.

This comes as the SEC filed details challenging Judge Analisa Torres’s July 2023 decision, which stated that Ripple’s programmatic sales did not meet the criteria of the Howey Test. This legal move by the SEC spurred market speculation, with the outcome of the appeal potentially impacting the future of XRP.

XRP Price Struggles Amid Legal Battle

If the court upholds the initial ruling, XRP’s price could surge significantly, as it did in July. Meanwhile, Ripple’s Chief Legal Officer Stuart Alderoty emphasized that the question of XRP not being a security is fundamentally settled. He urged investors to focus on the status quo despite th…

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