The cryptocurrency world is currently going through a major shift as the value of XRP, the digital asset associated with Ripple Labs, takes a sharp plunge, falling by a remarkable 30%. This sudden drop comes in the wake of Judge Analisa Torres’ recent approval of the U.S. Securities and Exchange Commission’s (SEC) request for an interlocutory appeal.
A new twist in the Ripple-SEC legal battle
Amid the high-stakes legal battle between Ripple and the SEC, a strategic maneuver has come into play. Judge Analisa Torres’ decision to grant the SEC’s interim ruling has brought a new wave of uncertainty to the crypto market. This appeal is specifically against the ruling of July 13, a pivotal day when Judge Torres declared that XRP sales on secondary exchanges should not be interpreted as investment contracts.
#XRPCommunity #SECGov v. #Ripple #XRP The Court has prepared a briefing schedule for the SEC’s request to file a Motion for Leave to file an Interlocutory Appeal. This does not mean that an incidental appeal has been lodged. It just means the SEC can ask for it. pic.twitter.com/vjsUSJELU6
— James K. Filan
(@FilanLaw) August 17, 2023
Judge Torres’ decision revealed
On August 17, during the busy trading session in the United States, Judge Torres indicated that he would grant the SEC’s appeal, which was filed on August 9. based on Judge Torres’ earlier ruling in the Ripple-SEC confrontation.
In addition, the judge granted the SEC’s request and gave the market regulator until August 18 to present its counterarguments. Judge Torres has also shown a considerate approach by extending the deadline for Ripple Labs to file their opposing documents to September 1.
In addition, if necessary, the SEC will have another chance to respond by September 8. Despite assumptions that Judge Analisa Torres favors cryptocurrencies, she remains committed to a stance of impartiality and fairness for all parties involved.
Market reacts: Ripple’s value takes a hit
The reaction to Ripple’s value has taken a dramatic turn, erasing all the progress made during the remarkable July 13 rally. XRP value has seen a rapid decline, plummeting 15% in the last hour alone and an astonishing 30% over the course of the previous day.
Read more: Mastercard partners with Ripple; XRP tumbles 14%
In the wake of this development, an astonishing $23 million in XRP long positions were liquidated from the cryptocurrency market in less than sixty minutes. This rapid sell-off underscores the volatility and sensitivity of the cryptocurrency market, especially in light of major regulatory developments.
What are your thoughts on the future of XRP?
