US Securities and Exchange Commission (SEC), Ripple 
$0.546896decided to appeal the district court decisions in the XRP case. Ripple plans to cross-appeal against the regulator’s arguments. The crypto industry continues to be under the threat of regulation with its enforcement approach. In the meantime, XRP price has been moving sideways throughout this week.
Ripple Files SEC Case Objections to Second Circuit Court
The SEC finally filed its Form C filing in the Ripple case with the Second Circuit Court of Appeals. Form C is a pre-argument statement required by the U.S. Court of Appeals. Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty claimed the SEC missed the filing deadline. It was also alleged that he missed the SEC’s Form C filing deadline.
The SEC appealed summary judgment regarding Ripple’s conduct of XRP sales through crypto exchanges and distribution to employees and others, as well as CEO Brad Garlinghouse and Chairman Chris Larsen’s XRP sales. The SEC, led by Gary Gensler, continues its attacks on the crypto market in the wake of Binance and other cases following recent losses. Stuart Alderoty criticized the approach and overreach of the SEC and Gensler.
Effects on XRP Price
The long-running SEC vs. Ripple Labs case affected the XRP price. While some experts think that the objections will be effective for a few more years, analysts’ price forecasts and the company’s latest developments show the opposite. Ripple has launched a crypto custody service for banks and fintech firms and is close to launching its RLUSD stablecoin.
Ripple’s various partnerships for XRP Ledger adoption suggest that the price could reach $1 after the launch of RLUSD, according to CoinGape’s XRP price analysis. The crypto industry is optimistic about the SEC’s XRP ETF approval. However, Bitnomial XRP futures were challenged as the regulator claimed that the futures were covered by both the SEC and CFTC.
XRP price rose only 1% this week after the SEC filed an appeal in the Ripple case. The price is currently trading at $0.54 and trading volume is down 30% in 24 hours. This shows that investors’ interest has decreased.
The legal battle between Ripple and the SEC continues to have significant impacts on the crypto industry. The future of XRP is shaped depending on both the course of legal processes and the success of Ripple’s new initiatives. It will be important for investors to follow the developments in the market closely.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
