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Ripple (XRP) plunges after SEC interlocutory appeal request approval 

By:
on Aug 18, 2023
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  • At press time, Ripple (XRP) was trading at $0.5041, down 13.83% in the past 24 hours.
  • Judge Analisa Torres granted SEC’s interlocutory appeal request.
  • The court’s ruling has caused a fresh element of uncertainty to the crypto market.

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The value of XRP, the digital asset connected to Ripple Labs, has dropped by a startling 30%, causing a seismic change in the cryptocurrency space. The plunge coincided with the approval of the US Securities and Exchange Commission’s (SEC) interlocutory appeal request by Judge Analisa Torres.

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XRP dropped to a low of $0.4681 in the early hours of Friday just hours after the approval was made. The SEC appeal is expected to pitch Ripple Labs against the SEC in yet another legal battle after Ripple won the first round after years of court hearings.

SEC’s appeal against Ripple (XRP)

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SEC’s appeal focuses on Judge Torres’ July 13 decision, which stated that XRP sales on secondary markets should not be interpreted as investment contracts.

The appeal was lodged on August 9 and received Judge Torres’ approval on August 17 during the hectic US trading session. This decision follows Judge Jed Rakoff’s denial of Terraform Labs’ request to dismiss a complaint in light of Judge Torres’s earlier decision in the Ripple v. SEC dispute.

The market regulator (SEC) was given until August 18 to file its appeal. Judge Torres also extended the deadline for Ripple Labs to submit its opposition documents until September 1 in an act of generosity.

And should the need arise, the SEC will be given another opportunity to respond by September 8.

Following this development, a whopping $23 million worth of XRP long positions were liquidated from the cryptocurrency market in less than sixty minutes.

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