The lawsuit between Ripple and the US Securities and Exchange Commission (SEC) has not actually ended, as fresh reports from the US Securities and Exchange Commission (SEC) a regulatory body that is likely to oppose the court’s decision came to the surface. If the SEC decides to hear the appeal, Ripple could be drawn into an even longer and more tedious legal dispute, increasing uncertainty about regulatory clarity.

The SEC may appeal the Ripple court’s ruling

WX (formerly Twitter) post On September 26, Fox Business journalist Eleanor Terrett revealed fresh information about the three-year-long legal battle between Ripple and the US SEC. Terrett revealed that The SEC could likely appeal July 2023 ruling by Judge Analisa Torres regarding Ripple’s programmatic sale of XRP.

There is speculation in the cryptocurrency community about the SEC’s intentions to appeal the court’s ruling in the Ripple case. Many in the cryptocurrency community assumed that the regulator would not appeal, and as a result, they believed that over three years of legal battle it would finally end.

Terrett’s fresh report puts an end to that speculation, as she reveals that a recently deceased SEC lawyer directly informed her that the regulator could file a last-minute appeal of Judge Torres’ ruling.

“Everyone there (at the SEC) truly believes that this decision is wrong, that it is not good law and should be appealed,” a former SEC lawyer allegedly stated.

Earlier in July 2023, the crypto community celebrated Partial victory for Ripple v. U.S. Securities and Exchange Commission (SEC) following Judge Torres’ ruling that XRP is not a security. Specifically, the ruling stated that programmatic sales of XRP are not considered a security.

Moreover, during a recent court hearing in August 2024, Judge Torres concluded the first chapter of the lawsuit between Ripple and the SEC imposing a fine of USD 125 million in the Ripple case and prohibiting the digital asset company from violating future securities laws.

This outcome was considered a major win for the Ripple community as it provided the necessary legal and apparent clarity ending a long-term court battle. However, as October 7 is the deadline for submitting applications The SEC will appealRipple could face more legal hurdles if the regulator steps up to the challenge.

Analyst confirms that October is crucial for XRP

“JackTheRippler” – cryptocurrency analyst and prominent supporter of XRP decided October will be a life-changing month for both Ripple and XRP holders. Contrary to recent reports, A potential SEC appealthe analyst predicts that the regulator will not appeal against the court’s ruling in the Ripple case.

He also forecast that XRP could hit fresh all-time highs in October, thanks to the launch mass adoption in the United States (USA). At the time of writing XRP price According to CoinMarketCap, the price is $0.6, reflecting an augment of 1.94% in the last 24 hours.

Featured image from Canva, Envato Elements, chart from TradingView