The $XRP price has plummeted over 8% to $0.53 per coin following the US Securities and Exchange Commission's (SEC) decision to appeal the ongoing lawsuit against Ripple.
Key Developments:
- The SEC filed its appeal with the Court of Appeals for the Second Circuit.
- Ripple CEO Brad Garlinghouse and co-founder Chris Larsen are also targeted.
- Renowned lawyer James K. Filan confirmed the appeal on X.
Market Reaction:
- XRP's price dropped to $0.53, but showed resilience with a near 2% surge.
- Investors remain cautious amid ongoing litigation.
Lawsuit Background:
- July 2023 ruling: Ripple breached federal securities law with institutional XRP sales.
- SEC seeks to revisit dismissed claims against Garlinghouse and Larsen.
Ripple's Response:
- Chief Legal Officer Stuart Alderoty expressed disappointment but not surprise.
