XRP Lawsuit: Ripple CLO Says SEC’s ‘Rehashed’ Appeal Will be Abandoned Under Atkins

The SEC has filed an opening brief in its appeal to the US Court of Appeals for the 2nd Circuit, seeking to overturn a previous court decision that ruled XRP was not a security when sold to retail investors. The SEC aims to classify all XRP sales as unregistered securities offerings. 

Reacting to the news, Ripple CLO Stuart Alderoty took to X (formerly Twitter) and wrote, “As expected, the SEC’s appeal brief is a rehash of already failed arguments –and likely to be abandoned by the next administration. We’ll respond formally in due time. For now, know this: the SEC’s lawsuit is just noise. A new era of pro-innovation regulation is coming, and Ripple is thriving.”

Ripple CEO Brad Garlinghouse also expressed disappointment and said, “One definition of insanity….Doing the same thing over and over and expecting different results. Gensler’s SEC really took this to heart.”

XRP Price Touches $3: 

Despite the legal chaos, Ripple’s XRP saw a 14% increase, reaching a yearly high above $3 on Wednesday morning, showing renewed investor interest. XRP, along with Dogecoin, is leading the gains in the cryptocurrency market, outperforming Bitcoin.

Bitcoin has touched $100,000 once more and is currently trading just above that level. Ethereum is also on the move, surpassing $3,400. But the biggest story of the day is XRP, which surged to $3.15, up by nearly 31% in the past seven days.

XRP’s chart is looking strong, with analysts predicting possible future price gains. Some analysts believe XRP could reach $4 or even higher, thanks to a long period of accumulation. The market might experience some more choppy action before a breakout. With rumors surrounding Trump’s inauguration and its potential impact on the crypto market, there could be a “sell the news” event.