XRP Price Soars After Court Decision: New Developments in Ripple Lawsuit

The court has rejected the SEC’s interim appeal, leading to a 6% surge in the cryptocurrency's value.

Find out the details on the reasons behind the court's decision and what it means for the future of XRP.

Court Rejects U.S. SEC's Interim Appeal in Crypto Asset Case

In a legal battle concerning the nature of the cryptocurrency XRP as a security, it has been revealed that Judge Analisa Torres of the United States District Court for the Southern District of New York has rejected an interim appeal filed by the U.S. Securities and Exchange Commission (SEC).

Earlier in a July ruling, the court had determined that "XRP itself does not fall under securities, and its indirect sale to individual investors also does not violate securities laws. However, its direct sale to institutional investors does violate securities laws."

Following this ruling, the SEC had expressed its disagreement and requested an interim review, claiming that the sales to individual investors were indeed in violation of securities laws.

The current dismissal of the SEC's interim appeal directly relates to this point.

Reasons for the SEC's Dismissal: Lack of Legal Justification

The primary reason cited for the dismissal of the SEC’s appeal is that "the SEC could not provide a legal basis for its differing opinions."

Furthermore, both parties can submit a restricted petition by December 4, 2023, and opposing opinions to this restricted petition can be submitted by December 18, 2023.

Before the announcement, the price of XRP was hovering around $0.51. However, as news broke, the price surged by approximately 6%, with the price at the time of writing this article being "1 XRP = $0.54."