SEC May Appeal Ripple Ruling, While XRP Co-Founder Moves Millions

• The SEC is expected to appeal the judge’s decision in the Ripple lawsuit.
• A former SEC lawyer said that the agency is not happy with the lawsuit’s outcome.
• The wallet of Chris Larsen moved has a massive number of tokens after years of dormancy.

The United States Securities and Exchange Commission (SEC) may appeal Judge Analisa Torres’ decision in the Ripple lawsuit, which established that the XRP token is not a security when sold to retail investors.

According to a post on X (formerly Twitter) by Fox Business reporter Eleanor Terrett, a former SEC lawyer said that “everyone” at the agency believes Judge Torres’ decision was “wrong” and predicts the regulator will appeal.

The SEC has been quiet about a potential appeal, but it has until October 7 to make its decision. The XRP community expects an appeal, and this has prevented the altcoin from rallying alongside the broader crypto market.

XRP Co-Founder Moves Millions

Meanwhile, wallets belonging to Ripple co-founder Chris Larsen started moving a significant amount of XRP on September 20 after eleven years of dormancy. The wallet moved 50 million XRP to an unknown wallet, which then sent the funds to Binance.

Read also: XRP Advocate Predicts Breakout, Token Shows Bullish Signals

The XRP community is speculating about the reason for these transfers, initially wondering if they were for Ripple’s On-Demand Liquidity services. However, recent activities of the wallet suggest otherwise. Transfers have been made to exchanges like Bittrex and Coinbase, which could be a reason for XRP’s lackluster performance.

XRP Lags Behind the Market

While most altcoins rallied, XRP was down 0.06% to $0.5883 in the past 24 hours, according to CoinMarketCap data. However, the altcoin was up 0.96% in the past seven days and 2.09% in the last 30 days.

The altcoin with a market cap of $33.29 billion ranked the seventh-largest, has gained just over 18% since September 2023, lagging behind the wider crypto market.