XRP Lawsuit: SEC Misses Form C Filing; Cross-Appeal from Ripple Incoming?

The long-running Ripple vs. SEC case has taken another turn, with the SEC deciding to appeal Judge Analisa Torres’ ruling. This decision, made two months after the original judgment, means the four-year legal fight is far from over.

On October 3rd, the SEC filed a “notice of appeal” with the Second Circuit Court, keeping the battle alive and creating new uncertainties for XRP investors

Though the SEC has signaled its intent to appeal, it hasn’t yet submitted its Form C, which would detail its case. Ripple is now waiting for this filing before deciding how to respond. According to crypto reporter Eleanor Terrett, Ripple has 14 days to file a cross-appeal if it chooses to challenge the SEC’s move. The delay is causing some unease, but the XRP community remains vigilant as they await updates.

XRP’s October Rollercoaster

October has been a mixed month for XRP. On the positive side, Bitwise submitted an S-1 filing with the SEC to launch an XRP Exchange-Traded Fund (ETF), which could be a major boost for the cryptocurrency. However, the SEC’s decision to appeal Judge Torres’ ruling sent XRP down by over 20%, with the token now trading at $0.52, well below its weekly high.

Despite the recent dip, XRP is testing key support levels, and analysts warn that more price swings could be on the way. Traders are closely watching for signs of a local bottom.

SEC’s Appeal: What’s at Stake?

Judge Torres’ original ruling found that Ripple’s programmatic sales didn’t break securities laws, though it ruled against the company in its institutional sales. More importantly, the ruling stated that XRP is not inherently a security. The SEC is now appealing this part of the decision, which has sparked frustration within the XRP community.

Ripple CEO Brad Garlinghouse expressed disappointment, emphasizing that XRP’s non-security status still stands despite the SEC’s actions. Ripple’s Chief Legal Officer, Stuart Alderoty, called the SEC’s move “disappointing but expected.” Investor Bill Morgan criticized the timing of the appeal, especially as many had been hopeful for a market rally.

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XRP Market Remains Firm

While some fear further XRP price declines, the market is not panicking. Many believe the SEC’s appeal is a futile attempt driven by “vindictiveness,” and they expect the agency to lose once again. Investor CrediBULL Crypto is among those staying bullish, having opened long positions on XRP.

He believes Bitwise’s XRP ETF filing is a more significant factor and predicts a bullish reversal if XRP holds support at $0.54, with resistance at $0.66.

Despite the ongoing legal uncertainty, XRP investors are standing their ground, confident the market will recover. Many believe the SEC’s actions won’t stop XRP’s long-term growth, especially with the possibility of an XRP ETF on the horizon. For now, the Ripple vs. SEC case remains a major factor influencing XRP’s price movements.

The Ripple vs. SEC case continues to be a major topic of discussion. What do you think will be the ultimate outcome? Share your predictions and analysis.