Ripple has a limited timeframe of 14 days starting from October 3 to submit a counter-appeal in response to the US Securities and Exchange Commission’s (SEC) decision to appeal the case. The SEC recently filed a notice of appeal following US District Judge Analisa Torres’s ruling on August 7, although the specifics of what they are appealing have not been disclosed.
It has been reported that the SEC has yet to fill out the Form C document with the US Court of Appeals for the Second Circuit, which would outline the details of their appeal case. This document is crucial for Ripple to determine their next steps, as they are contemplating filing a counter-appeal. The legal representatives of Ripple are keen on understanding the grounds on which the SEC is basing their appeal, including aspects such as programmatic sales of XRP, sales to investors, and the status of the XRP token.
Ripple has until October 17 to officially submit their counter-appeal, as they await the SEC to provide clarity on their appeal. Pro-XRP lawyer Fred Rispoli has provided a potential timeline for the conclusion of the appeals process, estimating that the Second Circuit may rule on the SEC’s appeal by late 2025 or early 2026.
In the short term, the appeal filing has led to a slight correction in the price of XRP, with the asset experiencing a decline of over 10%. Despite this, analysts remain optimistic about the future of the XRPL native token, with some predicting a resurgence similar to what was observed in 2020 when the SEC first initiated legal action against Ripple.
As the legal battle between Ripple and the SEC unfolds, the cryptocurrency community eagerly awaits the outcome and its potential impact on the market. Stay tuned for further developments on this ongoing saga.