Ripple Awaits SEC’s Detailed Appeal as XRP Price Struggles After Filing  

• The SEC has delayed filing its Form C, leaving unclear what specific issue it will challenge in the Ripple case.  
• Ripple’s 2023 victory established that XRP secondary sales do not classify as securities, a key point the SEC may appeal.  
• Ripple may file a cross-appeal, but it has yet to decide as the company evaluates its legal strategy.

The U.S. Securities and Exchange Commission (SEC) has yet to file its Form C with the U.S. Court of Appeals for the Second Circuit. This document is critical in outlining the specific grounds on which the agency is challenging the court’s prior ruling in favor of Ripple Labs. The delay leaves it unclear whether the SEC specifically targets the summary judgment handed down in July 2023, which ruled that XRP sales in secondary markets do not classify the token as a security.

Ripple’s Significant Court Win in 2023

In July, Ripple secured a major legal victory when the court ruled that XRP tokens sold in secondary markets were not securities. This decision marked a critical moment for Ripple, providing much-needed regulatory clarity for the company and its investors. However, the SEC’s decision to appeal has created uncertainty in the market, with concerns that the regulator is seeking to overturn parts of the ruling.

Ripple’s CEO, Brad Garlinghouse, has strongly criticized the SEC’s decision to appeal, calling it “infuriating” and suggesting it reflects deeper issues within the agency. Ripple’s top legal representative, Stuart Alderoty, has indicated that the company may file a cross-appeal. However, a decision has not yet been made, and Ripple has two weeks to finalize its strategy.

SEC’s Timeline and XRP Price Impact

Legal expert Fred Rispoli has noted that the SEC’s next brief is expected to be filed by December. He predicts oral arguments will not be heard until late 2025, with a final ruling expected in April 2026. In the meantime, XRP prices have struggled following the SEC’s appeal. The token has seen a nearly 1% drop over the past 24 hours, adding to a larger, double-digit decline earlier in the week.

Ripple is in the process of reviewing its options and preparing its legal response. The ongoing legal battle continues to weigh on XRP’s performance in the cryptocurrency market. As Ripple evaluates its approach to a potential cross-appeal, the cryptocurrency world is closely watching to see how the situation unfolds.