Reports indicate that speculation surrounding the agency's intent to challenge the court's decision had been circulating for some time.
The U.S. Securities and Exchange Commission (SEC) has filed an appeal in the Ripple case, according to reports.
The agency’s intention to challenge the court’s decision had been widely speculated, but the SEC kept the community guessing until the last moment before the October 7 deadline for the appeal.
Last year, U.S. District Court Judge Analisa Torres ruled that secondary sales of XRP are not considered securities, a major win for Ripple. However, the line between programmatic and institutional sales is still a point of contention.
Analysts have been discussing the possibility of the SEC making this move in recent weeks. Ripple’s general counsel, Stuart Alderoty, previously said that he would “not be surprised” by the appeal but expressed confidence that the legal classification of the XRP token will remain the same.
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XRP’s price dropped around 6.7%, making it one of the worst performers among the top 100 cryptocurrencies and is now trading at $0.55. It’s important to note that the current ruling is not expected to be revisited before 2026.
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