 in the continuing lawsuit against Ripple Labs.){kind=link}
The US Securities and Exchange Commission (SEC) has formally filed an appeal in the ongoing legal dispute against Ripple Labs. The main bone of contention for the case still remains the classification of XRP, which both the parties have differed in the past.
This appeal follows an initial court decision that ruled in favor of Ripple, holding that XRP is not a security when it is offered for sale to the general public. Nonetheless, the SEC’s tenacity demonstrates its determination to advocate for further regulation of the Bitcoin market.
However, despite the appeal, the market seemed unfazed about the news, as demonstrated by the prices of XRP. The token is trading up 10% at the time of writing.
Ripple VS SEC: What Happened Previously?
Today’s opening brief appeal comes right after the SEC had previously attempted to overturn the earlier ruling that favored Ripple.
In a late-night filing to the U.S. Court of Appeals for the Second Circuit, the SEC declared that it did not contest the decision that XRP sales to private investors through exchanges are not securities. Instead, the agency is focusing its criticism on other important aspects of the ruling.
The appeal focused on the court’s decision that the company’s offers and sales of XRP on digital asset trading platforms, as well as the personal transactions made by Ripple executives Christian Larsen and Bradley Garlinghouse, violated securities regulations.
Will the Case Have An Effect on The Market?
Ripple’s legal path and the cryptocurrency market as large will become more complicated as a result of the SEC’s action. The adoption and trading of XRP on significant platforms in the U.S. market may be impacted if the SEC is successful in overturning portions of the prior verdict.
XRP Market Indicators: What Do They Say?
Despite the current uncertainties, market parameters show that the current sentiment for the coin is bullish.
This is demonstrated by the Fear & Greed Index which is at 75 (Greed). Over the previous 30 days, XRP had 16/30 (53%) green days and 7.10% price volatility.
With 28 technical analysis indicators indicating optimistic signals and 5 indicating negative signs, the overall sentiment for the price prognosis of XRP is bullish.
An indicator that is widely used to determine if a cryptocurrency is overbought (above 70) or oversold (below 30) is the Relative Strength Index (RSI) momentum oscillator.
The RSI number is currently 76.34, indicating that the market for XRP is overbought. The RSI indicator predicts that XRP’s price will rise.
Also Read: Ripple vs SEC: Petition Launched to Stop Regulator’s Final Judgment Appeal