- David Schwartz, Vice President of Ripple Labs, highlighted the latest development concerning an appeal filed by the U.S. Securities and Exchange Commission (SEC).
- According to a ruling by Judge Analisa Torres on July 13, 2023, the sale of XRP on digital asset exchanges hasn’t been classified as a security.
- Data shows that Ripple (XRP) is the fifth-largest cryptocurrency by market value. It experienced a 5% drop in the last 24 hours, falling to $0.5211.
The Vice President of Ripple interpreted the SEC’s appeal against the decision that XRP isn’t a security, suggesting that this appeal would extend the process.
Schwartz Commented on the SEC Application
David Schwartz, Vice President of Ripple Labs, highlighted the latest development concerning an appeal filed by the U.S. Securities and Exchange Commission (SEC) in an X-post. The SEC’s decision to file an appeal at this particular point is based on the fact that the ongoing legal case hasn’t reached a conclusion yet.
This perspective allows the involved parties to have an opportunity to file an appeal following the conclusion of the case. This procedural approach aims to expedite legal processes and prevent constant interruptions in the main case due to extensive appeals around minor determinations.
According to a ruling by Judge Analisa Torres on July 13, 2023, the sale of XRP on digital asset exchanges hasn’t been classified as a security. In response, the SEC has filed an appeal. This response comes after a favorable decision for Ripple, but it’s centered around an unexpected turn within the legal processes.
Schwartz emphasizes the importance of consolidating the appeals to strengthen the situation, while also mentioning that individual appeals could further prolong the legal process. However, he outlined an exception for executive cases. The SEC argues that a different approach is necessary in this situation. It suggests halting the process until the appeal concludes, but Ripple holds a different perspective.
According to Ripple’s view, while the SEC has the right to appeal, the main case should continue alongside the appeal process. This is in line with an understanding to proceed with the case and carefully assess the appeals once all other matters are completed.
Current Market Status of XRP
Data shows that Ripple (XRP) is the fifth-largest cryptocurrency by market value. It experienced a 5% drop in the last 24 hours, falling to $0.5211. Simultaneously, the total market cap is approximately $27.5 billion.
The 24-hour loss couldn’t pull XRP’s weekly performance out of the negative zone. As of now, the token’s price has seen a decline of over 16% in the last 7 days.
Following the price drop, there has been an increase in the 24-hour trading volume of the alternative cryptocurrency. As a result, XRP’s daily trading volume reached $1,438,422,771, indicating an 8% increase in trading volume over the last 24 hours.
