In what is a rather surprising development for the ongoing legal battle, Ripple has filed a notice of cross-appeal in its lawsuit with the US Securities and Exchange Commission (SEC). The filing takes place after the SEC sought an appeal In early October, as the two sides are expected to face off in court yet again.
The filing has been submitted to the United States Court of Appeals for the Second Circuit. Moreover, it is set to challenge some facets of the final judgment that was issued on August 8th. Meanwhile, Ripple’s XRP is looking to surge as the crypto is showing clear signs of recovery.
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Ripple Files to Cross-Appeal in SEC Lawsuit as Legal Battle Continues
The ongoing legal fight between Ripple and the SEC has captured the focus of the entire crypto sector. It was a key aspect of the agency’s ongoing crusade against the sector. Moreover, its resolution was poised to have a massive impact on the asset class as a whole.
The face-off ended in early August, with the crypto firm seemingly coming out on top. Yet, that doesn’t appear to be the final ending. Ripple has filed a notice for a cross-appeal in the SEC lawsuit just weeks after the SEC finalized a similar filing. These all but ensure that the case that started in 2020 will be ongoing.
Ripple’s Chief Legal Officer, Stuart Adleroty, told Coindesk the decision was made to “make sure we leave nothing on the table, including the argument that there cannot be an investment contract without there being the essential rights and obligations found in a contract.”
Also Read: Ripple: How High Can XRP Surge In October 2024?
This has taken place as Ripple’s XRP is looking to surge in October. The token has increased more than 3.5% in the last few days, according to CoinMarketCap. Yet, it has been increasingly volatile, trading at the $0.53 level.
That does not change the potential that exists, however. The token has seen whale accumulation grow by 300 million XRP. This has trades hoping the asset can conquer its next resistance level at $0.55, which would open the door for a continued surge to the $0.6 level.