<p>The post <a href="https://cryptosnewss.com/ripple-fights-back-secs-appeal-sparks-xrp-price-crash-will-ripple-counterclaim/" rel="noopener noreferrer nofollow">Ripple Fights Back: SEC’s Appeal Sparks XRP Price Crash! Will Ripple Counterclaim?</a> appeared first on <a href="https://cryptosnewss.com/" rel="noopener noreferrer nofollow">Cryptos Newss</a>.</p><p>The U.S. Securities and Exchange Commission (SEC) has officially filed an appeal against the previous court ruling in favor of Ripple. This appeal was submitted to the United States Court of Appeals for the Second Circuit. The SEC’s decision to appeal comes after a significant ruling by Judge Analisa Torres in July 2023, which determined that Ripple’s programmatic sales of XRP did not violate federal securities laws, although institutional sales did.</p><h3 id="ripple-s-response-and-potential-counterclaim">Ripple’s Response and Potential Counterclaim</h3><p><a href="https://cryptosnewss.com/massive-ripple-unlock-sends-xrp-prices-spiraling-downward/" rel="noopener noreferrer nofollow">Ripple</a> is considering filing a counterclaim in response to the SEC’s appeal. Ripple CEO Brad Garlinghouse expressed his frustration on social media, stating that the SEC has not accepted their loss on key issues. He emphasized that XRP’s status as a non-security remains unchanged despite the SEC’s appeal. Ripple’s Chief Technology Officer, Stuart Alderoty, criticized the SEC for continuing what he described as “litigation warfare” against the crypto industry. He mentioned that Ripple is evaluating the possibility of a cross-appeal.</p><h3 id="market-impact">Market Impact</h3><p>The news of the SEC’s appeal has had a significant impact on XRP’s market value. Following the announcement, XRP’s price dropped by approximately 10.43%, trading at around $0.5401. This decline came after a brief surge in XRP’s price when rumors of the SEC’s appeal began circulating.</p><h3 id="background-and-previous-rulings">Background and Previous Rulings</h3><p>The SEC initially sued Ripple in December 2020, accusing the company of conducting an unregistered securities offering by selling XRP. The case has been closely watched as it could set a precedent for how cryptocurrencies are regulated in the U.S. In August 2023, Judge Torres ordered Ripple to pay a civil penalty of $125 million, significantly lower than the SEC’s initial request of $2 billion. The judge’s ruling was a mixed outcome, partially granting and partially denying the SEC’s motion for remedies in XRP’s sale.</p><h3 id="future-implications">Future Implications</h3><p>The ongoing legal battle between the SEC and Ripple continues to be a pivotal case for the cryptocurrency industry. The outcome of the appeal could have far-reaching implications for how digital assets are classified and regulated in the future. Ripple’s potential counterclaim and the SEC’s steadfast approach indicate that this legal saga is far from over.</p><p></p><p>The post <a href="https://cryptosnewss.com/ripple-fights-back-secs-appeal-sparks-xrp-price-crash-will-ripple-counterclaim/" rel="noopener noreferrer nofollow">Ripple Fights Back: SEC’s Appeal Sparks XRP Price Crash! Will Ripple Counterclaim?</a> appeared first on Cryptos Newss.</p>

Ripple Fights Back: SEC’s Appeal Sparks XRP Price Crash! Will Ripple Counterclaim?

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