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.
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.