The U.S. Securities and Exchange Commission (SEC) announced it will appeal its recent ruling in the Ripple case.
Despite widespread speculation regarding the agency’s plans and the fact that the deadline for the appeal was set at October 7, the agency did not clarify what it would do until the very final deadline.
Ripple’s Legal Battle Continues
In a victory for Ripple, last year Judge Analisa Torres of the United States District Court for the Southern District of New York ruled that secondary sales of XRP were not securities. But such sales are still considered contentious, with a separation of programmatic and institutional sales impossible.
Meanwhile analysts had been arguing whether the SEC would press on with the appeal. Stuart Alderoty, Ripple’s Chief Legal Officer, said he would not be surprised by the SEC’s move but said that the legal status of the XRP token would continue.
XRP’s price slumped by nearly 6% after the announcement, making it one of the worst performing coins out there in the top 100 crypto cycle, trading at $0.56 on CoinGecko. We must note that the current ruling is unlikely to be changed before 2026.
