XRP News Today: Ripple Fights Back with Cross-Appeal, XRP Climbs 1.22%

XRP Advances on Cross-Appeal News

On Thursday, October 10, XRP advanced by 1.22%, recovering a 1.39% loss from the previous session to close at $0.5299. XRP outperformed the broader crypto market, which declined by 0.22% to a total market cap of $2.065 trillion.

XRP advanced on news of Ripple filing a cross-appeal in its legal battle with the SEC.

Ripple Cross-Appeals Final Judgment

On Thursday, US Attorney James Filan shared the latest court developments in the SEC vs. Ripple case, stating,

“BREAKING: Ripple has filed a cross-appeal of Judge Torres’s Judgment entered on August 7, 2024.”

The court filing stated that Ripple cross-appeals to the US Court of Appeals August’s final judgment. On August 7, Judge Torres delivered her final judgment, ordering Ripple to pay a $125 million civil penalty for violating Section 5 of the US Securities Act.

The cross-appeal came after the SEC filed a Notice of Appeal on October 2. Ripple executives Brad Garlinghouse and Chris Larsen, the July 2023 Summary Judgment, and the August 2024 Final Judgment were on the court docket.

The crypto community anticipated Ripple to respond to the SEC’s appeal with a cross-appeal.

Ripple Executives Weigh In

Ripple Chief Legal Officer Stuart Alderoty commented on the cross-appeal:

“The SEC lost on all key points—that’s why they appealed. Today, Ripple filed a cross-appeal to ensure nothing’s left on the table, including the argument that there can’t be an “investment contract” without there being essential rights and obligations found in a contract.”

Discussing the SEC’s appeal, Alderoty acknowledged that the agency would likely challenge the Programmatic Sales of XRP ruling, saying,

“Last year, the SEC unsuccessfully tried to take an early appeal of the rulings that Ripple’s XRP sales on exchanges and Ripple’s other XRP distributions, like to employees and developers, weren’t securities. They’ll likely go after these again – and they will lose on both again.”

However, Alderoty emphasized that the SEC will not challenge the ruling that XRP itself is not a security. Referencing the recent filing in the Binance case, Alderoty remarked,

“Importantly, the SEC has already said they aren’t appealing the ruling that XRP itself isn’t a security. (They even apologized in another case for suggesting a token itself could be a security!) That’s the law, and an appeal on these other issues doesn’t change it.”

Ripple CEO Brad Garlinghouse commented,

“With our cross-appeal today, we’re looking forward to sealing the SEC’s fate and finally putting an end to the SEC’s regulation-by-enforcement agenda. Ripple was the industry leader in the first go-round in court and we look forward to leading the way in this round as well.”

XRP Price Trends: What’s Next?

XRP will likely remain below $0.55 as investors await the SEC and Ripple’s court filings. Ongoing speculation about the SEC’s appeal and the court filings will influence XRP demand. Price trends will likely hinge on the SEC’s justifications to appeal the Programmatic Sales of XRP ruling.

If the SEC offers a convincing argument to appeal, XRP could drop toward $0.50. Conversely, if the SEC withdraws its appeal, XRP could rally toward $1.00, mirroring price action following the Programmatic Sales ruling.

Outlook

Investors should closely monitor appeal-related news, which may affect XRP price trends. Keep track of SEC actions, which could be pivotal in dictating XRP’s price movements.

XRP Price Action

Daily Chart

XRP hovers below the 50-day and 200-day EMAs, affirming bearish price signals.

A breakout from $0.5350 could give the bulls a run at the 200-day EMA. Furthermore, a break above the 200-day EMA may bring the 50-day EMA and the $0.5739 resistance level into play.

Ripple case-related news, SEC activity, and SEC vs. crypto case-related updates require consideration.

Conversely, a fall through the $0.50 level could give the bears a run at the trend lines.

With a 14-day RSI reading of 40.69, XRP could drop below $0.50 before entering oversold territory.