The U.S. Securities and Exchange Commission (SEC) has officially appealed the ruling on the Ripple case. The appeal comes after long speculations about the regulatory body’s next move. This signals that the long-drawn legal battle will continue, and XRP holders might face market fluctuations.
XRP Stakeholder Alleges Price Market Manipulation
In a notable move, the U.S. Court of Appeal has documented the SEC’s filing. The case, Securities and Exchange Commission v. Ripple Labs Inc., has been placed in the Second Circuit PACER docketing system.
The docketing confirms that the appeal is now official. However, there are no hints as to when the appellate judge will hear the case. When the case begins, Ripple Executives Brad Garlinghouse and Chris Larsen will appear as they are named appellees.
Reacting to the SEC’s filing, Edward Farina, XRP Head of Social Adoption on X, alleged that the lawsuit was a tool for market manipulation. Farina noted that despite the legal uncertainty, XRP continues to thrive.
Its price soared by over 1,000% after initially plunging low following the lawsuit’s announcement in December 2020. Farina maintained that higher forces, whom he called market makers and insiders, were using the case to manipulate XRP.
He claimed that these unnamed actors behind the scenes operated on a timeline unknown to community members. However, he encouraged investors not to feel discouraged even if the lawsuit drags on until 2027. Farina stated,
“Our path to success lies in recognizing that we are early adopters of the most disruptive technology ever created. XRP is at the core of the new financial system, and our mission is to HODL patiently while embracing the journey.”
SEC vs. Ripple: Key Timelines to Watch
With the case docketed, many actions could play out including a potential Ripple’s cross-appeal. Notably, there is a 14-day window to proceed on that path. If Ripple does not, the SEC is expected to submit its brief by December 2, 2024.
However, it may request an extension, pushing the due date to January 1, 2025. According to a renowned legal practitioner, Fred Rispoli, by his estimation, opposition briefs could be due by February 2, 2025.
However, if Ripple demands an extension, it could shift to March 2, 2025. The commencement of oral arguments may be delayed till around September or October of 2025.
With this projection, the earliest a ruling may occur will be in January 2026. Rispoli anticipates the ruling may linger until March or April 2026. This aligns with Farina’s claims that the lawsuit could drag on until 2027.
XRP Price and Bitwise XRP ETF Potential
With the broader crypto space awaiting the legal battle unfolding, XRP price growth is uncertain. At the time of writing, XRP price traded down by 0.87% to $0.527 in the last 24 hours.
Its trading volume also dropped by 46.33% to $772,568,300. Meanwhile, before the SEC’s appeal filing, Bitwise, an investment asset manager, applied to list an XRP ETF product.
Although the filing indicates Bitwise’s confidence in XRP, the new development may delay the approval. Legal experts doubt the possibility of the SEC approving an XRP ETF product while the legal fireworks rages.
