Ripple Community Petitions SEC to Halt Appeal—Is XRP Set for a Breakout?

• Ripple community members have filed a Change.org petition against the US SEC.
• The grievance hinges on the regulator’s appeal and impact on XRP.

Members of the Ripple community have petitioned the US Securities and Exchange Commission (SEC), dissatisfied with the agency’s decision to appeal the earlier ruling. The appeal is the SEC’s most recent action in its case with Ripple Labs, which began in December 2020.

The petition highlights the community members’ dedication to Ripple and XRP, a move that might impact XRP.

Ripple Petition Sees Soaring Support

As seen on the Change.org website, the petition was launched on October 3, 2024, a day after the SEC filed its notice of appeal. The petition, created by XRP community members, expressed frustration over the four-year lawsuit between the SEC and Ripple. Proponents indicated interest to stop the SEC from continuing its litigation against Ripple, particularly with the recently filed appeal. 

As a recap, the case between the SEC and Ripple involves the classification of XRP. The SEC argues that XRP is a security. However, in July 2023, Judge Analisa Torres declared that XRP sales do not constitute securities when traded on exchanges. Unsatisfied with the ruling, the SEC filed an appeal on October 2, as reported by CNF.

The petition from the XRP community members argues that the appeal is not good for the digital asset market. The petition mentions that the SEC has deviated from its primary goal of protecting investors by ensuring fair and efficient markets. They assert that the SEC’s ongoing legal battle with Ripple defies these aims and inflicts pain on individual investors. 

The petition further noted that the implications of the ongoing case extend to the foundations of crypto regulation. Thus, with the petition, the XRP Army is fighting to protect the interest of global crypto enthusiasts.

So far, the petition has garnered 8,389 signatures. The Change.org website shows that 569 signatures were added today and growing. Top XRP community members have widely shared the petition across various social media platforms. They are urging crypto enthusiasts to support the campaign to end the SEC’s “frivolous and unnecessary appeal” that has caused investors pain. 

Is XRP Set for a Breakout?

Retail investors from various crypto communities have also expressed discontent with the SEC’s ongoing enforcement activities in the crypto industry. Some Veritaseum (VERI) token holders filed a bar complaint against Jorge G. Tenreiro, the SEC’s Enforcement Chief for Crypto Assets and Cyber Unit. 

Tenreiro was the lawyer who signed the appeal against Ripple. VERI holders call for his debarment, alleging misconduct and overreach in the cases he has been involved in.

Zach Rector, a notable crypto expert, spoke on the ongoing legal and market developments involving XRP and the SEC. Rector stated that the SEC paid a fine of $1.8 million for damages in the Debt Box case for falsifying evidence. He added that Gurbir Grewal’s resignation as the SEC’s Director of Enforcement adds more complexity to the case.

Meanwhile, Tenreiro could face debarment if the allegations raised in the bar complaint prove true. Additionally, all the cases he has handled could be reviewed. Therefore, the potential for XRP to thrive remains strong despite the SEC’s appeal. 

At press time, XRP price was trading at $0.5286, down 1.9% over the past 24 hours. However, the trading volume increased by 45% to over $1 billion. Investors’ increased sentiment could push XRP further to reclaim new highs, especially if the petition gains a significant boost