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

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

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

Following the SEC’s Form C appeal in the Ripple Case, Ripple is expected to file its own Form C in the next seven days, according to its chief legal officer Stuart Alderoty.

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