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The U.S. Securities and Exchange Commission (SEC) has opted to file an appeal regarding the Ripple case.
Reports indicate that speculation surrounding the agency’s intent to challenge the court’s decision had been circulating for some time. However, the SEC kept the community uncertain until just before the deadline for the appeal, which is set for October 7.
Last year, U.S. District Court Judge Analisa Torres ruled that secondary sales of XRP are not classified as securities, a significant victory for Ripple. Nonetheless, the distinction between programmatic and institutional sales remains a contentious issue.
In recent weeks, analysts have debated the likelihood of the SEC taking this action. Ripple’s general counsel, Stuart Alderoty, previously mentioned that he wouldn’t be surprised by the appeal but expressed confidence that the legal classification of the XRP token would remain unchanged.
XRP’s price has dropped nearly 6.7%, making it one of the poorest performers among the top 100 cryptocurrencies, currently trading at $0.55. It’s worth noting that the current ruling is unlikely to be revised before 2026.