Breaking: Ripple price falls 30% after court approves SEC request for interlocutory appeal
Ripple (XRP) price sprinted south within seconds following the news of the court approving the US Securities and Exchange Commission's (SEC) request for an interlocutory appeal. The slump comes on the back of fears that Judge Anerlisa Torres’s decision on July 13 could be overturned.
On August 17, during the afternoon of the US session, Judge Analisa Torres approved a recent request (August 9) by the SEC to appeal the July 13 determination, where the same judge had ruled that XRP was a security when sold to institutional investors rather than to retail.
The SEC's appeal was interlocutory, meaning the appeal happened when all aspects of the case are yet to be finalized and the trial is ongoing.
The financial regulator’s decision to appeal sprouted from the Terraform Labs case, where Judge Jed Rakoff refused the firm’s request to dismiss the case on the grounds of Judge Torres’s previous ruling in the Ripple vs SEC case.
With this latest determination, the SEC has 24 hours to submit a motion to the US Court of Appeals for the Second Circuit. Beyond that, Ripple would have until September 1 to issue a response, which would inturn require a rebuttal within a week from the SEC.
Ripple price reaction
Ripple price has engaged full gear, whitewashing all the ground covered in the July 13 rally. XRP is down 15% over the last hour, 30% over the last day. The Relative Strength Index (RSI) is at a record low.