Urgent! SEC Request Approved, XRP Crying Blood!

<p>&nbsp;"The price of XRP has fallen, is this an opportunity to buy again?"</p><p><br /></p><p>Failing to hold its position, the Ripple cryptocurrency (XRP) plunged below $0.43 as Judge Analisa Torres approved the Securities and Exchange Commission's (SEC) request to file an interlocutory Appeal regarding the Summary Judgment decision on July 13, 2023.</p><p><br /></p><p>Reportedly, Judge Torres has not only reviewed an interlocutory appeal motion from the SEC filed on August 9, 2023 but also a response to oppose the move, which was filed by blockchain payment firm Ripple Labs on August 16, 2023.</p><p><br /></p><p>After considering the arguments of both sides, Judge Torres said the SEC's request was approved and the United States (US) regulator was given until August 18, 2023 to file its motion.</p><p><br /></p><p><br /></p><p>However, it should be noted that Judge Torres also gave Ripple Labs until September 1, 2023 to file its opposition paper, then the SEC can file its response on September 8, 2023 if any.</p><p><br /></p><p>It is well known that Judge Torres who is fair to all parties has said that the offering of XRP to institutional investors by Ripple Labs should be considered an investment contract but not for the secondary market.</p><p><br /></p><p>However, it remains unclear which angle the SEC will take for its appeal after Ripple Labs has claimed that the US regulator does not have strong evidence to question Judge Torres' decision based on legal principles.</p><p><br /></p><p>According to a pro-crypto lawyer, the approved interlocutory appeal is not a victory for the SEC as Judge Torres may have chosen that approach to further clarify his position on the law.</p><p><br /></p><p>As of this writing, XRP price has plunged by 16.98% to $0.49 in the last 24 hours with a market cap of $25 billion further recording a 22.46% decline over the last week.</p>