Ripple (XRP) plunges after SEC interlocutory appeal request approval

August 18, 2023 08:49 PM AEST | By Invezz

Ripple (XRP) plunges after SEC interlocutory appeal request approval — Image source: Invezz

SEC’s appeal against Ripple (XRP)

SEC’s appeal focuses on Judge Torres’ July 13 decision, which stated that XRP sales on secondary markets should not be interpreted as investment contracts.

The appeal was lodged on August 9 and received Judge Torres’ approval on August 17 during the hectic US trading session. This decision follows Judge Jed Rakoff’s denial of Terraform Labs’ request to dismiss a complaint in light of Judge Torres’s earlier decision in the Ripple v. SEC dispute.

The market regulator (SEC) was given until August 18 to file its appeal. Judge Torres also extended the deadline for Ripple Labs to submit its opposition documents until September 1 in an act of generosity.

And should the need arise, the SEC will be given another opportunity to respond by September 8.

Following this development, a whopping $23 million worth of XRP long positions were liquidated from the cryptocurrency market in less than sixty minutes.

The post Ripple (XRP) plunges after SEC interlocutory appeal request approval appeared first on Invezz.

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