XRP shows immunity against SEC appeal

XRP token experienced decent gains in the early hours of Saturday as markets processed the Securities & Exchange Commission’s (SEC) appeal against the final case ruling. In August 2024, Ripple faced a $125 million fine issued by Judge Analisa Torres for selling XRP institutionally. The court also upheld the altcoin’s non-security status in exchange-based transactions.

XRP changed its bearish course in early August and has stayed range-bound. Market fundamental project XRP may increase substantially and test resistance at the $0.6 price level.

Price action shows the Relative Strength Index is at 47.5, below 50. The Moving Average Convergence Divergence (MACD) indicator flashes green histogram bars above the neutral line, indicating underlying bullish momentum in the XRP price trend.   The court’s earlier sales decision was challenged in the appeal, but XRP’s non-security status is significantly unaffected.

Long-term holders of XRP (LTH) have not panicked. The token’s consumed age indicator affirms this narrative. This measure, which monitors the movement of long-held coins, has not significantly increased over the past day, according to data sighted on Santiment.

The SEC focused its appeal on Ripple’s sales tactics and the participation of its executives rather than the general designation of XRP as a non-security, this is yet another phase in the well-known case.

The appeal petition states that the SEC wants to reconsider these “de novo” concerns, which means the appellate court would start over and weigh the legal issues without considering the trial court’s ruling.

The SEC wants the U.S. Court of Appeals for the Second Circuit to take another look at the case because it feels that the district court “erroneously” decided in favor of Ripple on these issues.
In a prompt response to the SEC’s filing, Stuart Alderoty, Ripple’s legal officer, emphasized that the crucial decision confirming that XRP is not a security is still in place.