In this photo illustration, a visual representation of the digital Cryptocurrency Ripple is displayed on January 30, 2018 in Paris, France.
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The price of the XRP token tumbled Thursday, a day after the Securities and Exchange Commission filed to appeal a 2023 court ruling that determined XRP is not considered a security when sold to retail investors on exchanges.
XRP was last lower by more than 8% at 53 cents a coin, according to Coin Metrics.
Ripple, the largest holder of XRP coins, scored a partial victory last summer after a three-year battle with the SEC. U.S. District Judge Analisa Torres handed down the decision, which was hailed as a landmark win for the crypto industry. Still, while XRP isn’t considered a security when sold to retail investors on exchanges, it is considered an unregistered security offering if sold to institutional investors.
Ripple declined to comment but referred to Wednesday evening…
