The highly intense legal drama unfolded on Wednesday as legal representatives from both sides of the XRP vs SEC legal case has given two separate submissions, one from the regulatory body and another from the presiding Judge. The legal battle is now on the forthcoming course of action which might hinge on Ripple’s response to these recent developments.
Getting into the story, the US Securities and Exchange Commission (SEC) submitted a letter on Wednesday explaining its rationale for seeking permission to file an interlocutory appeal. This appeal pertains to the matter of programmatic sales to XRP buyers through trading platforms and distribution channels employed by Ripple.
However, this correspondence from the SEC coincides with Judge Analisa Torres’ issuance of a pretrial scheduling order, a noteworthy occurrence that has generated substantial speculation.
Speaking on the issue, Stuart Alderoty, Ripple’s Chief Legal Officer, clarified the extent of the agency’s rights in seeking an appeal against the Summary Judgment.
He also clarified that the SEC is solely seeking the court’s authorization to initiate an appeal. Whereas, in response, Ripple is preparing to present its own letter to the court in the coming week.
Notably, the SEC’s appeal is not centered on challenging the classification of XRP as a security; rather, it pertains to the losses incurred through the token’s programmatic and individual sales.
Interestingly, Alderoty backed his stance, that “The SEC does not currently possess the immediate ‘right’ to appeal, which is why they are seeking permission for an ‘interlocutory’ appeal. Ripple’s response to the Court will be submitted next week.”
Fresh Impact on XRP Price
Analysing the fresh decline, XRP’s price has been consolidating around the $0.64 level since breaking above the $0.61 resistance level. If the bulls can keep the momentum going, there is a chance of a rapid rise to the $0.65 range. In addition, the price can start rising toward the $0.7 level if it manages to break and maintain above the $0.64 level. Yet, a breakthrough could occur either way soon.
However, in the wake of the news regarding the SEC’s intent to pursue an interlocutory appeal, XRP is expected to bleed more. However, the forthcoming response from Ripple could potentially contribute to a rebound in the token’s value in the following week.
At the time of writing, the price of XRP was $0.639, losing 50% of its value during the bull run in July. Even though the coin’s value is falling, it will be interesting to see how the price fluctuates.
