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Sujit Kumar
Oct 3, 2024

Ripple Faces Legal Setback as SEC Appeals XRP Ruling, Price Drops 10%

ripple faces legal setback
Ripple's XRP experienced a sharp 10% drop following the U.S. Securities and Exchange Commission's (SEC) announcement to appeal a July 2023 ruling that stated XRP sold by Ripple is not a security. The appeal will be heard by the 2nd U.S. Circuit Court of Appeals, rekindling the legal battle over XRP’s classification.

Ripple CEO Criticizes SEC's Appeal

 

Brad Garlinghouse, Ripple’s CEO, expressed frustration over the SEC’s decision to pursue the appeal, reiterating that XRP’s non-security status is now “the law of the land.” Garlinghouse criticized the commission for damaging its own credibility and failing to protect investors. He emphasized that Ripple would continue to fight in court and is confident that XRP’s status will not change.

Stuart Alderoty, Ripple's Chief Legal Officer, also shared his disappointment, stating that the SEC’s actions under Gary Gensler amount to "litigation warfare" against the crypto industry. Ripple’s legal team is even considering filing a cross-appeal in response.

XRP Price Nosedives Amid Legal Uncertainty

As the SEC filed its Notice of Appeal, XRP’s price dropped from over $0.60 to below $0.53, wiping out recent gains, including those seen after Bitwise’s XRP ETP launch. Whale Alert data reported significant XRP transactions, with one whale dumping 22 million XRP, valued at around $11.73 million, to crypto exchange Bitso.

Currently trading at $0.54, XRP is down 10% in the last 24 hours. Despite this dip, the token remains up by 35% over the past 90 days, but 12% lower year-to-date.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Ripple Faces Legal Setback as SEC Appeals XRP Ruling, Price Drops 10%
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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