XRP Price Collapses as Ripple Hit by Appeal by SEC

Bittime - The United States Securities and Exchange Commission (SEC) has made another big step in its case against the fintech company Ripple. 

After a legal battle that has been ongoing since late 2020, the SEC today appealed a federal judge's ruling regarding the sale of the cryptocurrency XRP. This decision has an impact on price movements XRP/IDR which experienced a significant decline.

In a court filing made on Wednesday, the SEC submitted a notification to the Second Circuit Court of Appeals, confirming its intention to challenge the final decision handed down by US District Judge Analisa Torres last August. 

XRP price collapses

After this news appeared, the price of XRP, which was already in a negative trend, fell further. Currently, XRP has recorded a decline of 12.75%, with the price per coin hovering around $0.52 (Rp. 8,053).

Read also: XRP Predicted To Break $1000, Really? This is how it really is!

According to a statement from an SEC spokesperson quoted from Decrypt, they believe that the district court's decision in the Ripple case goes against decades of Supreme Court precedent and applicable securities laws. 

"We look forward to presenting our arguments to the Second Circuit," he said.

The Beginning of the Ripple Vs SEC Case

This case began when the SEC filed charges against Ripple in 2020 alleging that the company sold unregistered securities in the form of cryptocurrency XRP to raise funds, with the value of the charges reaching $1.3 billion (Rp. 20 trillion).

Read also: XRP Predicted To Rise To $2, Check Here!

Last year, a judge ruled that programmatic sales of XRP on cryptocurrency exchanges to retail investors did not meet securities criteria. 

This decision was seen as a victory for Ripple and the cryptocurrency industry in general, although the judge also ruled that the sale of $728 million worth of tokens for institutional purposes constituted the sale of unregistered securities.

In the application submitted, the SEC asked Ripple to pay a fine of $2 billion (Rp. 30.8 trillion), but last August, a New York court only ordered Ripple to pay a fine of $125 million (Rp. 1.93 trillion).

Ripple CEO Brad Garlinghouse responded to news of the SEC's appeal by posting on the ."

Please note, Ripple is a company that focuses on accelerating cross-border transactions through the technology they develop, and XRP is the seventh largest cryptocurrency by market capitalization. With this move by the SEC, the future of XRP and Ripple is even more tense, waiting for the next court decision.

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