The price of the XRP token fell by as much as 11% Thursday following the Securities and Exchange Commission's (SEC) decision to appeal a federal court ruling last year that found XRP (XRPUSD) is not a security when algorithmically sold to 澳洲幸运5官方开奖结果体彩网:retail investors via exchanges. XRP has since given up some of those losses and was🍸 trading roughly 3% lower at 52 cents in recent trading.

This ruling had been seen as a partial victory for XRP's developer, 澳洲幸运5官方开奖结果体彩网:Ripple Labs, and the broader crypto industry, with U.S. District Judge Analisa Torres stating in the July 2023 order that the 澳洲幸运5官方开奖结果体彩网:XRP token itself is not a security. However, the the court did view 澳洲幸运5官方开奖结果体彩网:institutional XRP sales as unregistered securities offerings.

Renewed SEC Push vs Ripple

The SEC’s renewed push against Ripple continues after it initially sought $2 billion in damages in the case, although the court ordered Ripple to pay only a 澳洲幸运5官方开奖结果体彩网:$125 million penalty.

"The SEC's decision to appeal is disappointing, but not surprising," Ripple Chief Legal Officer Stuart Alderoty posted late Wednesday on the social media platform X in response to the SEC's court filing.

This legal development came just hours after crypto asset manager Bitwise filed to offer for the first spot XRP ETF Wednesday. The SEC's appeal likely weakens the potential for the proposed spot XRP ETF to be approved anyt⛄ime soon.