16th January 2025 – (New York) The U.S. Securities and Exchange Commission (SEC) has filed an opening brief in its appeal to the Second Circuit Court of Appeals, aiming to overturn a recent ruling that determined XRP is not a security when sold to retail investors. The SEC’s objective is to classify all XRP sales as unregistered securities offerings, a position that has sparked significant debate within the cryptocurrency community.
In response to the SEC’s appeal, Ripple’s Chief Legal Officer, Stuart Alderoty, took to X (formerly Twitter) to express his views. He characterised the SEC’s brief as a reiteration of previously unsuccessful arguments, suggesting it may be discarded by future administrations. Alderoty stated, “The SEC’s lawsuit is just noise. A new era of pro-innovation regulation is coming, and Ripple is thriving.”
Ripple CEO Brad Garlinghouse echoed these sentiments, voicing disappointment in the SEC’s approach. He remarked, “One definition of insanity… doing the same thing over and over and expecting different results.” Garlinghouse’s comments reflect a growing frustration with the SEC’s ongoing litigation strategy under Chairman Gary Gensler.
Despite the ongoing legal challenges, Ripple’s XRP token experienced a remarkable resurgence, climbing 14% to surpass $3 for the first time this year. As of Wednesday morning, XRP reached a price of $3.15, marking a nearly 31% increase over the past week. This surge has positioned XRP alongside Dogecoin as a leader in the current cryptocurrency market rally, both outperforming Bitcoin, which has recently reclaimed the $100,000 mark, and Ethereum, now trading above $3,400.
Analysts are optimistic about XRP’s future trajectory, with some predicting potential price targets of $4 or higher, driven by a prolonged period of accumulation in the market. However, they caution that the market may face volatility leading up to significant events, including speculation surrounding Trump’s possible inauguration, which could trigger a “sell the news” reaction among investors.
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