Bitnomial issued a press release regarding the lawsuit, stating:
“Given the recent landmark ruling by the Southern District of New York that XRP is not inherently a security and was not a security when traded in the secondary market, Bitnomial Exchange has determined that XRP futures are not securities. We are well placed to seek a court ruling that “futures are not.” Despite recent court losses, the SEC still maintains that XRP is a security. ”
Stuart Alderotti, Ripple’s chief legal officer, said of the latest SEC filing:
“If this were a law school Blue Book exam, the hypothetical scenario would be: The regulator loses in court, but still threatens enforcement to pressure compliance, raising serious constitutional concerns. further undermines the legitimacy of regulators.”
Bitnomial’s legal maneuver comes after Ripple filed a cross-appeal on October 10 against the final ruling in the SEC vs. Ripple case.
XRP price outlook: Appeal strategy is extremely important
XRP could continue to trend below $0.55 as investors await the next steps in the SEC appeal. Speculation regarding SEC challenges to programmatic sale rulings could impact demand for XRP.
Price action could depend on whether the SEC presents a strong case to challenge programmatic sales. If the SEC presents a convincing argument to appeal the ruling, XRP could fall below $0.50. Conversely, if the SEC dismisses the appeal, XRP could rise towards $1.00, reflecting the price movement following the Programmatic Sales ruling.
