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April 21, 2024
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XRP Price Takes a 30% Dive as Judge Torres Grants SEC’s Interlocutory Appeal

The post XRP Price Takes a 30% Dive as Judge Torres Grants SEC’s Interlocutory Appeal appeared first on Coinpedia Fintech News

The cryptocurrency sphere is witnessing a seismic shift as the value of XRP, the digital asset linked to Ripple Labs, plummets by a staggering 30%. The recent nod from Judge Analisa Torres, greenlighting the US Securities and Exchange Commission’s (SEC) interlocutory appeal request. 

In the midst of the high-stakes legal showdown between Ripple and the SEC, a strategic move has been made. Judge Analisa Torres’s decision to grant the SEC’s interlocutory appeal request has introduced a fresh element of uncertainty to the crypto market. 

This appeal zeroes in on the ruling from July 13, a day that marked Judge Torres’s declaration that XRP sales on secondary exchanges should not be construed as investment contracts.

On 17 August, during the bustling US trading session, Judge Torres gave her nod to the SEC’s appeal, submitted on August 9. This decision comes in the wake of Judge Jed Rakoff’s rejection of Terraform Labs’ bid to dismiss a case based on Judge Torres’s previous ruling in the Ripple vs SEC tussle. 

Furthermore, the judge granted the SEC’s request and gave the market regulator until August 18 to oppose. Demonstrating a generous approach, Judge Torres has extended the deadline for Ripple Labs to file its opposition papers until September 1. 

Additionally, the SEC will be permitted another opportunity to respond, should the need arise, by September 8. Judge Analisa Torres, despite perceptions of her pro-crypto stance, has maintained a stance of fairness towards all parties involved.

Immediate Fallout and Ripple’s Reaction

The response in Ripple’s value has intensified significantly, erasing all the gains achieved during the notable rally on July 13. XRP has experienced a steep decline, plummeting by 15% within the past hour and a staggering 30% throughout the past day. 

In the wake of this development, an astonishing $23 million worth of XRP long positions was liquidated from the cryptocurrency market in a span of less than sixty minutes.

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