XRP News: SEC Appeals 2023 Ruling in Ripple Case—What’s Next?

The U.S. Securities and Exchange Commission (SEC) has formally appealed a 2023 court decision that ruled Ripple’s XRP token sales on crypto exchanges did not violate securities laws. The SEC argues that District Court Judge Analisa Torres made factual and legal errors in her decision. This development marks a significant turn in the ongoing legal battle between Ripple and the SEC, raising questions about the future regulatory landscape for cryptocurrencies.

Ripple v SEC Case Takes New Turn: Agency Appeals 2023 Decision—What’s Next?

The U.S. Securities and Exchange Commission (SEC) has formally appealed against a 2023 ruling that found sales of Ripple’s XRP token on crypto exchanges did not break securities laws. According to the regulator, District Court Judge Analisa Torres was 'factually and legally' wrong when she concluded that offers and sales of XRP to the public via crypto trading platforms and the company’s offers of the token as employee compensation and in business deals did not constitute investment contracts. In the brief filed late on January 15, the SEC requested the U.S. Court of Appeals for the Second Circuit to overturn Judge Torres’ decision and order a summary judgment in its favor regarding Ripple’s offers and sales of XRP to retail investors and for those instances it was exchanged.

Ripple (XRP) Price Alert: Key Metric Signals ‘Sell’ After Recent Rally

XRP hit a multi-year high of $3.20 before retracing below $3.10. Despite bullish momentum, the RSI crossing above 70 signals a potential correction. Analysts predict XRP could reach $4-$10, with the Ripple-SEC lawsuit and upcoming SEC leadership change being critical factors for future price movements. Ripple’s XRP has been crypto’s rockstar lately, with its price reaching multi-year peaks. Several hours ago, the valuation skyrocketed to $3.20, representing the highest level observed since the beginning of 2018. In the following hours, XRP lost some steam and is currently trading at around $3.05 (per CoinGecko’s data). Despite the bullish landscape and the overall expectations of a further pump, one indicator suggests an incoming correction.

XRP Hits Seven-Year High After 16% Surge, Is A New ATH Around The Corner?

XRP has reached a new multi-year high, surpassing the $3 mark amid a broader market recovery. This significant rally has sparked Optimism among investors and analysts, who believe that the cryptocurrency is on its way to setting a new all-time high (ATH). XRP has been one of the top-performing cryptocurrencies since the post-election period, with a 450% increase since November 6. Despite market corrections, XRP has maintained strong support levels, particularly between $1.9 and $2.7 in December, indicating robust investor confidence.

SEC vs. Ripple: Regulator Challenges Court Ruling on XRP Retail Sales

On January 15, the SEC filed a motion challenging the district court’s ruling on Ripple’s sale of XRP to retail investors. The SEC argues that XRP retail sales qualify as investment contracts, contrary to the court's decision which distinguished retail buyers from institutional investors. The court had reasoned that retail buyers purchasing XRP from trading platforms did not have the same expectations of profit. However, the SEC contends that this reasoning is flawed, stating that the district court erroneously found that retail investors did not have the same expectation because they purchased XRP through crypto asset trading platforms and thus did not know if the seller was Ripple, a Ripple affiliate, or someone else.