SEC Appealed Ripple but $XRP Remains a Non-Security – Bullish Sign?

• The SEC appealed Ripple on two counts: Brad Garlinghouse's (CEO) and Chris Larsen's (co-founder) $XRP sellout and the selling of $XRP in non-cash transactions.
• A core reveal is that the SEC isn't disputing $XRP's non-security status. That boat has sailed, and it should be incredibly bullish for the coin.
• Legal expert Jeremy Hogan says Ripple has an 80% chance of winning both major issues in the SEC's appeal.

The SEC struck Ripple again with a new appeal.

But it's not to contest $XRP's non-security status ruling. That decision stands as the law of the land,' per Stuart Alderoty's X post.

Instead, the SEC submitted a Form C to appeal the proceedings involving Ripple CEO Brad Garlinghouse and co-founder Chris Larsen. They also want a de novo' examination, which, in legal speak, means the court will analyze the decision based on how the law was implemented.

How is this bullish to $XRP holders, and what are Ripple's chances of winning the appeal? Let's discuss.

SEC Isn't Appealing Ripple's Non-Security StatusOne thing is clear - Ripple is not a security. The SEC has stopped pursuing that avenue.

Instead, the agency is interested in two things:

1. Proving that Ripple CEO Bradley Garlinghouse and co-founder Christian Larsen violated securities laws when selling $XRP.
2. Proving that Ripple broke securities laws when selling $XRP in non-cash transactions.

The SEC has also requested a de novo' review of the appeal. This means thecourt will make a decision from scratch without considering the district court's previous interpretation.

Legal expert Jeremy Hogan says Ripple has an 80% chance of winning the appeal on both counts, though it largely depends on who the judges will be.

Missing the 14-Day Window for Form C

Social media users complained that theSEC had missed the required 14-day window to file Form C before filing the appeal.

For context, the filing window ended on October 16, while the SEC filed the appeal on the 17th.

Neither Ripple nor the SEC have issued any statements regarding this, so it might be ignored with no impact whatsoever.

Ripple's Chief Legal Officer (Stuart Alderoty) tweeted, Stay tuned for Ripple's Form C to be filed next week and that $XRP's non-security status is law of the land.'

Does this mean $XRP holders have nothing to worry about?

Verdict - $XRP Going Bullish Thanks to the SEC?

It's no surprise that the entire Ripple community was waiting with bated breathfor the SEC's appeal. Would the agency contest its security status?

The SEC did not do that.

Which means $XRP won't be negatively impacted. Instead, the community could take this as a collective win and push the coin up.

We'll see how the situation unfolds, but this looks optimistic for Ripple.

References

• Stuart Alderoty X Pos About the SEC's Appeal (X)
• SEC Files Last-Minute Appeal in Ripple Case-Why the XRP Army is Outraged (Decrypt)

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