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The securities regulator filed a "notice of appeal" in the Second Circuit court this week, advancing the Ripple v. SEC case. However, the XRP community is still unsure of just what the SEC is appealing, given that it still needs to file a Form C. The US SEC may, however, be appealing the court's remedies decision over Ripple's $125 million fine, according to the most recent report.
Crucial Details Found in the Ripple v. SEC Case
The securities regulator identified August 7 as the date of "final judgment" in the notice of the SEC appeal that was filed earlier this week, but they did not specify which particular grounds they planned to appeal. Because of this, the XRP community is still unclear as to whether the SEC will contest the July 2023 programmatic sales ruling or the August 7 court-mandated $125 million fine that Ripple must pay for institutional sales.
But according to a filing document, the plaintiff US SEC has challenged the August 7 final court ruling on Ripple's $125 million penalty payment. Although the blockchain startup consented to this payment, the securities regulator wasn’t thrilled with the court’s ruling in the Ripple vs SEC case. This is a result of the regulator pressuring Ripple to pay a $2 billion fine before to the decision.
Journalist Eleanor Terret of Fox Business reported earlier today that the regulator in the Ripple v. SEC case has not yet filed its Form C with the Second Circuit, which would provide more information on the appeal.
She noted that in order to give Ripple precise instructions on how to move forward, the agency must speed this process. In addition, if Ripple so desires, it has a 14-day window starting today to submit a cross-appeal in the XRP litigation.
Final Results of the XRP Price Action and Lawsuit
A few of the cryptocurrency attorneys have been considering when the Ripple case might end. According to attorney Fred Rispoli, who supports XRP, a decision from the 2nd Circuit Court is not expected before early 2026. He did, however, note that if a resolution is reached by both parties, the appeal could be dismissed at any moment.
The XRP price has received severe selling pressure following the SEC appeal, and plunging by nearly 15%. As of the time of writing, XRP has a market valuation of $29.7 billion and is trading at $0.52.