The post Will XRP Price Climb to All-Time High Despite the SEC Appeal? appeared on BitcoinEthereumNews.com.
In a late filing made on Wednesday, the US Securities and Exchange Commission has formally begun its appeal in its legal battle against Ripple Labs. However, this move has not dampened investor enthusiasm for Ripple’s XRP, whose value has broken above the $3 price mark for the first time since 2018. Still trading above $3 with a significant bullish bias at press time, XRP appears poised to extend its gains in the short term. SEC Files Its Opening Brief In its January 15 filing to the Second Circuit Appeals Court, the SEC seeks to overturn Judge Analisa Torres’ July 2023 ruling and reclassify XRP sales to retail investors as unregistered securities. The regulator contended that the New York District Court erred in its decision that XRP sold to retail investors did not constitute an unregistered securities offering. The SEC cited the Howey Test and claimed that Ripple’s promotional activities fostered an expectation of profit among investors, thereby classifying XRP as an investment contract. The ongoing legal battle began in December 2020, when the SEC filed a suit against Ripple, alleging that the payment services provider used its XRP token as an unregistered security to raise funds. XRP Is Not Troubled The SEC’s opening brief marks a formal step in the appellate process wherein the regulator hopes to challenge the court’s earlier decision. Despite this, XRP remains unperturbed as it continues its uptrend. Trading at $3.13 at press time, the altcoin’s value has risen by 9% in the past 24 hours. During Wednesday’s intraday trading session, XRP surged above the $3 mark for the first time since 2018. While the SEC’s filing might have been expected to prompt a selloff that would push the token’s price back below $3, the opposite occurred. Instead, market participants have increased their accumulation of the asset.…