XRP Wins Massive Again, Eyes $1 as Judge Denies SEC Motion to Appeal Ripple Ruling

XRP recently surged to retest the $0.54 mark as Judge Analisa Torres denied the U.S. SEC’s motion to file an interlocutory appeal in the ongoing SEC vs. Ripple case.

Judge Torres delivered the ruling on Oct. 3. This move comes after the Court’s earlier ruling on July 13, which delivered a split victory for the SEC and Ripple Labs. The regulatory agency had sought to appeal the part of the ruling it lost.

Background of the Case

The SEC contends that Ripple engaged in unregistered XRP offers and sales, including institutional sales, programmatic sales on exchanges, and other distributions. Larsen and Garlinghouse are also accused of engaging in unregistered individual XRP sales.

However, Judge Torres’s decision in July concluded that Ripple’s institutional sales constituted unregistered securities offerings, while programmatic sales and other distributions did not. 

This decision was based on an analysis of the facts and circumstances surrounding the transactions. The Judge also held that Larsen’s and Garlinghouse’s individual sales were not unregistered securities for similar reasons.

Torres Denies SEC’s Move to Appeal

Following this decision, the SEC sought certification for interlocutory appeal on two specific holdings. 

The first bordered on whether programmatic sales of XRP could lead investors to reasonably expect profits from the efforts of others. The second was on whether Ripple’s other distributions of XRP constituted an “investment of money.”

Now, in her latest ruling, Judge Torres has found that these issues did not present pure questions of law that could be decided quickly without studying the extensive factual record. 

She also noted that the SEC had not met its burden to show that there was substantial ground for a difference of opinion or conflicting authority on these matters. As a result, she denied the SEC’s motion to file the interlocutory appeal.

With this ruling, the case is set to proceed towards a trial. The court has scheduled April 23, 2024, for the trial. In addition, the court presented Dec. 4, 2023, for the parties in the case to submit pre-trial documents.

XRP Eyes $1

Meanwhile, following the latest ruling, XRP surged to retest the $0.54 threshold, rallying to $0.5479 yesterday before facing opposition. Despite the resistance, XRP secured a 5.21% gain yesterday, closing the day on a better footing than most assets.

However, XRP has relinquished the $0.54 mark amid the resistance, currently trading for $0.5322. Interestingly, with a 3.73% gain over the past 24 hours, XRP maintains the top spot among the biggest gainers in the last 24 hours.

XRP 24 volume is up 78% to $1,614,177,904, while the market cap is up 4% to $28,384,168,869.

Amid the recent upsurge, XRP is currently looking to reclaim the $0.55 territory to leverage it for the ultimate rally to $1. XRP needs to overcome opposition at $0.55, $0.60, and $0.90 to recover the $1 territory. Sustained bullish sentiments could deliver enough demand for a continuous rally.

XRP’s position as the largest gainer is due to the current state of the broader crypto market. Most assets are facing a correction following the bear market rally on Oct. 2. Assets such as Bitcoin (BTC) and Ethereum (ETH) are currently witnessing losses.