The post XRP Price Mirrors 2017 Surge Amid Appeal appeared on BitcoinEthereumNews.com.

SEC’s spokesperson has disclosed that the Commission finds the 2023 XRP ruling by Judge Analisa Torres a huge contradiction to a decade-long legal precedent set by the Supreme Court. An analyst has predicted that the SEC’s appeal may not prevent the XRP from setting a new all-time high price.  The US Securities and Exchange Commission (SEC) and Ripple Labs is set to continue its round of legal proceedings after the Commission submitted a notice of appeal to the States Court of Appeals for the Second Circuit. As we reported on October 3, Ripple has pledged to take its defense to the wire.  Details Coming Up CNF reported last year that US District Court Judge Analisa has ruled that the sales of XRP to retail investors through exchanges do not violate any federal securities law. More than a year after this historic ruling, the SEC appears not satisfied as a spokesperson discloses that the ruling contradicts the legal precedent set by the Supreme Court. Meanwhile, speculations of internal disagreement concerning the Ripple case have started erupting as a renowned Enforcement Director of the SEC, Surbir S. Grewal, announces his resignation.  Responding to the appeal, Ripple CEO Brad Garlinghouse labeled the decision as “irrational”, claiming the Commission has dented its reputation and integrity.  While we’ll fight in court for as long as we need, let’s be clear: XRP’s status as a non-security is the law of the land today – and that does not change even in the face of this misguided – and infuriating – appeal. Remember, when the SEC tried unsuccessfully to file an “interlocutory appeal” they made clear they had no intention of challenging XRP’s status as a non-security.) According to Ripple’s Chief Legal Officer (CLO) Stuart Alderoty, this decision to appeal is not surprising, but disappointing as this…

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Filed under: News - @ October 6, 2024 11:15 pm