The SEC's appeal stems from the agency's belief that its July 2023 ruling in favor of Ripple and XRP was erroneous and misinterpreted the law. The SEC specifically challenges Judge Analisa Torres' ruling regarding Ripple's programmatic sales of XRP.

On Friday, the Securities and Exchange Commission (SEC) formally filed an appeal with the Second Circuit Court of Appeals, which was filed in the Second Circuit's PACER system.

Legal commentators point out that the SEC does not and cannot challenge the ruling that XRP itself is not a security. The agency accepts this aspect of the ruling. Despite this, the SEC's decision to appeal has a negative impact on the price of XRP.

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