SEC vs. Ripple: Appeal Filed, XRP Price Nears $0.55

• The US SEC filed another appeal against Ripple as the asset closed at $0.55.
• Ripple CLO believes that the court will either affirm Judge Torres or expand her ruling.
• Alderoty compared the SEC appeal to Moby Dick meeting My Cousin Vinny with Gary Gensler as Captain Ahab.

The SEC has appealed the recent court decision in its case against Ripple. Ripple Chief Legal Officer Stuart Alderoty expressed confidence that the U.S. Court of Appeals for the Second Circuit will uphold or even expand the original ruling, which largely favored Ripple. The ongoing legal battle, which began in 2020, centers on whether XRP is a security.

In a post on X (formerly Twitter), Alderoty suggested the SEC’s best option is to seek a remand, sending the case back to Judge Torres for further proceedings. He highlighted that a remand would allow Ripple to reintroduce its “Fair Notice” defense, which questions whether the SEC provided sufficient clarity on XRP’s regulatory status. Alderoty remarked:

Read also: SEC Leaves Key XRP Ruling Unchallenged, but Ripple Prepares Cross-Appeal

“The SEC could end up arguing to Judge Torres that she wasn’t a person of ‘ordinary intelligence’ when she ruled against them. Awkward.”

Alderoty compared the case to Moby Dick, with SEC Chair Gary Gensler as Captain Ahab, chasing an elusive target. With the current appeal, he said it is more like, Moby Dick meets My Cousin Vinny.

XRP Price Nears $0.55

XRP is the seventh-largest digital asset with a market cap of $31 billion. At the time of press, it was trading at $0.5473, and surged 1% in the past 24 hours, as per CoinMarketCap data. Further, the trading volume of the altcoin surged 38.87% to $772 million. It rose to 1.59% in the past seven days. 

In the last 30 days, XRP has fallen 6.03% but is up 6.51% since October 2023. The altcoin remains 85.72% down from its all-time high of $3.84 in January 2018.