In a Jan. 15 filing with the Second Circuit Appeals Court, the SEC challenged Judge Analisa Torres’ earlier ruling that XRP sales to retail investors were not unregistered securities offerings.

The SEC argued that the New York district court erred in its decision and asked the appeals court to overturn the ruling and potentially reclassify XRP retail sales as unregistered securities.

Stuart Alderoty, Ripple’s chief legal officer, criticized the appeal, saying that “the SEC’s notice of appeal is a repeat of already failed arguments – and will likely be abandoned by the next administration.”

Excerpts:

“We will respond officially in due course. For now, know this: The SEC lawsuit is just noise. A new era of innovation-friendly regulation is upon us and Ripple is thriving.”

The price of XRP fell as much as 7.23% following the SEC’s appeal, but then rebounded sharply as signs emerged that the Trump administration might scuttle the commission’s efforts against Ripple.

The XRP triangle’s alignment with the $5.50 target is intact

XRP’s intraday correction has done little to dislodge the prevailing bullish continuation setup known as a “symmetrical triangle.”

For the unversed, a symmetrical triangle forms when the price fluctuates between two converging trend lines after an upward move. Meanwhile, it will be resolved when the price breaks above the upper trendline of the triangle and rises to the level at least equal to the maximum height of the structure.