Uncertainty over SEC’s Ripple case appeal drives XRP lower. Market awaits legal developments that may impact XRP listings and adoption.

The United States Securities and Exchange Commission’s latest appeal in its case against Ripple doesn’t pose a challenge to the court’s ruling that XRP is not a security. On Oct. 16, the SEC filed a Form C civil appeal with a pre-argument statement against certain aspects of the court’s summary judgment in favor of the defendants in its XRP (XRP)

Ripple chief legal officer Stuart Alderoty says the recent filing by the US Securities and Exchange Commission (SEC) in its case against Ripple Labs does not appeal the ruling that XRP is not a security.

While the SEC isn't contesting the ruling that XRP sales to retail investors aren't securities, it is instead focusing on other key aspects.

The SEC has submitted a "Civil Appeal Pre-Argument Statement," also known as Form C, appealing Judge Analisa Torres' ruling on XRP.

The SEC has filed new documents as it continues to seek a reversal of a prior judgment in favor of Ripple Labs.

The SEC appealed Ripple’s case but not about its security status. This should be bullish for the coin, and Ripple could win the appeal.

XRP sees volatility as the crypto community speculates about the SEC’s appeal filing delay in the Ripple case.