Ripple’s XRP token has dropped over 5% in the past 24 hours, falling below $0.50 for the first time since July 13. This comes as the Securities and Exchange Commission (SEC) has further argued the need for a mid-case appeal over the finer points of law in its dispute with Ripple.
A couple of weeks ago, the judge overseeing the case. Judge Alya Tores uh ruled that the SEC could try and make a case to appeal the argument to the second circuit Court of appeals. So they filed the first brief ripple, filed its brief on September 1st. The SEC filed this response to the ripple brief on September 8th ie last Friday. I'm basically saying that, you know, this is a important uh important decision. An appeals court has to take a look at that a lot of the, you know, legal requirements are met and, um, you know, we'll see what happens next. My personal guess is we might see a hearing schedule to kind of argue this, but either way the ball is now in Judge Annalisa Torres's court.