The SEC’s appeal of Judge Torres’ recent ruling has caused a sharp drop in the XRP price. 😱 The XRP community has launched a petition opposing the SEC’s appeal, but it does not have the power to stop the legal process.

The four-year-long case between Ripple and the SEC took a new turn in August when Judge Torres ruled that the sale of XRP to retail investors was not a securities transaction. However, Ripple was ordered to pay $125 million for violating certain securities laws.

Ripple seemed pleased with this decision because the penalty was reduced by 94% from the $2 billion that the SEC had initially requested. Therefore, many thought that the Commission would appeal, and it did.

The news caused a sharp drop in the token’s price and created discontent in the community. The XRP community launched a petition called “Stop the SEC’s Unnecessary and Unwarranted Objection in Ripple v. SEC.” The aim is to make their voices heard.

While a petition does not have the power to directly stop the legal process, it can raise awareness and draw additional attention to the process. 🚀