The U.S. Securities and Exchange Commission (SEC) has filed an appeal to reverse the court ruling that said XRP was not a security when sold to retail investors. The SEC still insists that all XRP sales should be regarded as unregistered securities sales.
Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, criticized the SEC’s move on X (formerly Twitter), calling it a repetition of already failed arguments. “The SEC’s lawsuit is just noise. A new era of pro-innovation regulation is coming, and Ripple is thriving,” Alderoty wrote, hinting that the appeal could be dropped by a future administration.
Source: X
Ripple CEO Brad Garlinghouse also expressed the same sentiments saying that the actions of the SEC are insane adding that the agency is reusing failure.
However, XRP is doing well, even while the case is still going through the courts. The token rose by 14% on Wednesday, reaching a yearly high above $3. It is leading the market higher alongside Dogecoin, with XRP up more than Bitcoin or Ethereum. In the past week, XRP has surged by 31% to trade at $3.17.
Experts believe that XRP has a bullish run that could see the token rise to $4 or even more due to a long accumulation phase. However, due to some speculations on the market consequences of Donald Trump’s inauguration, some voices speak about the ‘sell the news’ scenario.
For now, XRP is the center of attraction in the crypto space, as investors await its next move given the ongoing legal battle between Ripple and the SEC.
