The $XRP Army is on fire after the SEC formally filed a Form C in its bid to overturn a 2023 ruling in its lawsuit against Ripple, the world's largest holder of the $XRP token.

The SEC has submitted a "Civil Appeal Pre-Argument Statement," also known as Form C, appealing Judge Analisa Torres' ruling on XRP.

The United States Securities and Exchange Commission’s latest appeal in its case against Ripple doesn’t pose a challenge to the court’s ruling that XRP is not a security. On Oct. 16, the SEC filed a Form C civil appeal with a pre-argument statement against certain aspects of the court’s summary judgment in favor of the defendants in its XRP (XRP)

The SEC appealed Ripple’s case but not about its security status. This should be bullish for the coin, and Ripple could win the appeal.

While the SEC isn't contesting the ruling that XRP sales to retail investors aren't securities, it is instead focusing on other key aspects.

Ripple chief legal officer Stuart Alderoty says the recent filing by the US Securities and Exchange Commission (SEC) in its case against Ripple Labs does not appeal the ruling that XRP is not a security.

The SEC has filed new documents as it continues to seek a reversal of a prior judgment in favor of Ripple Labs.

The SEC has filed an appeal targeting Ripple's sales practices and executive involvement, while leaving XRP's non-security status intact.

The SEC has appealed parts of a favorable ruling for Ripple in the ongoing XRP case, potentially extending the legal battle until 2025

SEC has filed Form C to meet the deadline of its appeal following its Notice of Appeal in the case against Ripple.