The ongoing Ripple vs SEC case seems to be continuing, given that Judge Analisa Torres has accepted a request made by the United States Securities and Exchange Commission (SEC) to submit a motion seeking permission for an interlocutory appeal in their legal dispute with Ripple Labs.
On August 9th, Judge Analisa Torres was addressed by the US SEC through a letter. In this correspondence, the SEC initiated an appeal against a court ruling from July, pertaining to the ongoing Ripple vs. SEC lawsuit.
Within the letter’s contents, the SEC articulated its perspective, contending that Judge Torres’ decision merited a reconsideration from an appellate court.
Following the endorsement of an interlocutory appeal, the SEC has now the opportunity to submit a motion by August 18th, seeking authorization to present their case before the U.S. Court of Appeals for the Second Circuit. Conversely, Ripple will also have the capability to file a response opposing this motion.
Shortly after Ripple Labs expressed their dissent towards a potential appeal in the court, the Court’s Decision of approval emerged. Ripple’s legal representatives articulated three primary arguments in objection to the SEC’s appeal request.
Ripple’s legal counsel has presented their first argument, emphasizing that an appeal necessitates a fundamental legal query, and the SEC’s request fails to introduce matters that warrant reconsideration.
Furthermore, they contested the adequacy of the SEC’s assertion regarding a misjudged court decision on the issue, asserting that an immediate appeal wouldn’t expedite the conclusion of the ongoing litigation proceeding.
Nevertheless, Brad Garlinghouse, Ripple’s CEO, holds a firm conviction that “the request for appeal (even if granted) doesn’t change the fact that XRP is not a security.”
XRP’s Sudden 17% Dip, SEC Effect?
Nonetheless, XRP, which serves as the native token for Ripple Labs, has exhibited a continuous decrease over the past few days, with its investors experiencing a substantial decline of over 17% in the past 24 hours.
According to CoinMarketCap data, the current trading price of XRP stands at $0.496. This places it at a significant support level (as mentioned above chart). Should the downward trend persist, buyers might potentially face a challenging scenario.
