SEC Misses Form C Filing; Cross-Appeal from Ripple Incoming?

Ripple vs SEC case has taken yet another turn, after the SEC’s decision to appeal Judge Analisa Torres’ ruling in its long-standing case against Ripple, filing a “notice of appeal” to the Second Circuit Court. This comes two months after the judge’s final judgment, keeping the four-year battle alive!

However, the Securities and Exchange Commission (SEC) has yet to file its Form C, which outlines the specifics of its appeal in the Ripple vs SEC case. According to Eleanor Terrett, Ripple now waits for this filing to decide how to proceed, and they have 14 days to file a cross-appeal if they choose to. The delay in filing has caused some uncertainty, but the XRP community is keeping a close watch on developments.

XRP’s October Rollercoaster

October started with a mix of ups and downs for XRP. On one hand, Bitwise submitted an S-1 filing with the SEC to launch an XRP ETF, a bullish development for the cryptocurrency. However, the SEC’s appeal of Judge Analisa Torres’ 2023 ruling in the Ripple vs. SEC case has cast a shadow over the optimism. The appeal sent XRP tumbling by over 20%, with the token now trading at $0.52, well below its weekly high.

Despite this, XRP is currently testing key levels, attempting to establish a local bottom. Experts suggest that further price volatility could still be on the horizon.

SEC’s Appeal: What’s at Stake?

The appeal comes after Judge Torres ruled that Ripple’s programmatic sales did not violate the Securities Act, though she found Ripple guilty of institutional sales. Importantly, her ruling established that XRP is not inherently a security. The SEC is now challenging this decision, and their appeal has sparked frustration within the XRP community.

Ripple CEO Brad Garlinghouse expressed his frustration, emphasizing that XRP’s non-security status remains intact despite the SEC’s actions. Stuart Alderoty, Ripple’s Chief Legal Officer, called the SEC’s decision “disappointing but expected.” Investor Bill Morgan echoed these sentiments, pointing out the poor timing of the appeal, especially as many anticipate a bullish turn in the market.

Mixed Reactions from the Market

While some fear further XRP price declines, the market is not panicking. Many believe the SEC’s appeal is a futile attempt driven by “vindictiveness,” and they expect the agency to lose once again. Investor CrediBULL Crypto is among those staying bullish, having opened long positions on XRP.

He believes Bitwise’s XRP ETF filing is a more significant factor and predicts a bullish reversal if XRP holds support at $0.54, with resistance at $0.66.

Despite the uncertainty, XRP investors are holding firm, confident that the market will rebound in the face of SEC challenges.