Court rejects SEC's attempt to appeal ruling in Ripple and XRP token case

The court rejected the SEC's attempt to appeal the decision in the case of Ripple Labs and its token XRP

The XRP exchange rate reacted with a rise to another ruling in the long-running lawsuit to declare the token an unregistered security

A federal judge who previously ruled that Ripple Labs' cryptocurrency token is not a security when sold to retail investors denied the U.S. Securities and Exchange Commission's (SEC) request to appeal the decision in a pre-trial order, Bloomberg reports.

U.S. District Judge Analisa Torres dismissed the regulator in a lawsuit it filed against Ripple Labs in federal court. A new trial is scheduled for April 2024.

The main exchange regulator of the United States has been suing Ripple Labs for several years. The agency accused the company of selling $1.3 billion worth of unregistered securities. The SEC needed Torres' permission to appeal its decision on the treatment of XRP token transactions because it was not final.

Following the decision to deny the SEC's motion to appeal, the XRP token rose in price by more than 6%, at one point reaching $0.54, but then its price declined, as of 9:30 a.m. XRP is trading at $0.52 paired to the Tether USD (USDT) stablecoin on the Binance exchange.

XRP/USD
0,52942 +0,01928 (3,78%)

In July, the Torres decision equated only pre-contract sales of XRP to institutional investors to securities transactions but removed that interpretation for retail sales on exchanges and for other methods of token distribution