by • The SEC filed an interlocutory brief to appeal the ruling of Judge Analisa Torres who ruled that secondary sales of XRP do not constitute an investment contract.
• Ripple’s Chief Legal Officer, Stuart Alderoty, has commented on the move and said that Ripple will file its response with the Court next week.
• XRP is currently trading at 3% in the negative and may see increased volatility throughout the next few days leading up to Ripple filing its response.
XRP Price Tumbles Ahead of Major Development
The cryptocurrency market is trading mostly in red today, and XRP is no exception. The price is down about 3% in the past 24 hours and is currently trading at around $0.60, hinging on a major support level. Ripple’s XRP might see increased volatility throughout the next few days leading up to Ripple filing a response with the Court in relation to an important document filed by the US Securities and Exchange Commission (SEC).
SEC Files Interlocutory Brief
Last week, The SEC filed an interlocutory brief formalizing their intention to appeal a ruling by Judge Analisa Torres which stated that secondary sales of XRP do not constitute an investment contract – a major point in the SEC’s stance which undermines their position to a certain extent. Commenting on this was Ripple’s Chief Legal Officer, Stuart Alderoty who said that Ripple will file its response with the Court next week.
Stay Tuned for Response
To date, no response has been made from Ripple yet but it is likely to be seen as significant when it does come out as it will affect how investors view this case and consequently impact XRP’s price performance going forward.
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Conclusion
XRP price tumbles in anticipation of major development in ripple v SEC case as investors await Ripple’s legal team’s reponse which could affect how they view this case and consequently impact XRP’s price performance going forward .
