The United States Securities and Exchange Commission's (SEC) request to appeal its loss against Ripple Labs, the organization in charge of creating the XRP token, has been denied by District Court Judge Analisa Torres.

Judge Torres denied the SEC's application in a court decision on October 3, stating that the regulator had not met its burden to establish that there were relevant legal issues or significant grounds for divergent opinions.

“The SEC’s motion for certification of interlocutory appeal is denied, and the SEC’s request for a stay is denied as moot.”

Notably, the verdict does not result in a complete loss for the regulator because Judge Torres set a trial date for April 23, 2024, to address the case's outstanding issues.

XRP's price increased by almost 6% just after the news, according to data from TradingView.

On July 13, Judge Torres issued a partial ruling in Ripple's favor, stating that retail sales of the XRP cryptocurrency did not satisfy the requirements for becoming a security under the law.

However, the court did conclude that by offering XRP coins to institutional investors directly, Ripple had broken securities regulations.

The regulator filed an appeal of this ruling in August, claiming there was "substantial ground for differences of opinion" about the relevant statutes.

Sources:

https://bitmarkets.news/en/coin-news/polygon-co-founder-steps-down-from-project

https://www.courtlistener.com/docket/19857399/securities-and-exchange-commission-v-ripple-labs-inc/?order_by=desc#entry-917

https://www.tradingview.com/symbols/XRPUSD/