XRP Price Tumbles in Anticipation of Major Development in Ripple v SEC Case

2023-08-16 05:45:59

The cryptocurrency market is trading mostly in red today, and XRP is no exception.

The price is down about 3% in the past 24 hours and is currently trading at around $0.60, hinging on a major support level.

Ripple’s XRP might see increased volatility throughout the next few days. The price is currently trading at 3% in the negative, but that may as well be a result of the broader market shakedown.
AsCryptoPotatoreported last week, the US Securities and Exchange Commission filed an interlocutory brief, formalizing its intention to appeal the ruling of Judge Analisa Torres.
Judge Torres ruled that secondary sales of XRP do not constitute an investment contract – a major point in the SEC’s stance, which undermines its position to a certain extent.
Commenting on the move last week was Ripple’s Chief Legal Officer, Stuart Alderoty, who said:

The SEC does not have the “right” to appeal just yet, which is why they are asking permission to file an “interlocutory” appeal. Ripple will file its response with the Court next week. Stay tuned.

To date, the company hasn’t filed its response and it’s interesting to see if it will move the market when it does.

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