The SEC has filed a notice to appeal the July 2023 court ruling against Ripple, marking a new phase in the legal battle. Ripple's CEO and Chief Legal Officer (CLO) expressed criticism toward the SEC's decision and pledged to continue their fight.
Following the announcement of the appeal, the price of XRP experienced an 11% drop, reflecting the market's reaction to the ongoing legal uncertainty.
Furthermore, Ripple is considering a cross-appeal, particularly concerning the court's ruling on institutional sales and a $125 million fine, indicating their strategic approach to tackling the legal challenges.
In the midst of this legal turmoil, Bitwise has filed for an XRP ETF, showing interest in expanding financial products related to XRP despite the unresolved legal issues with the SEC.
