XRP has once again hit a new milestone, breaking $3 for the first time in since 2018 even as the SEC filed an appeal in its case against Ripple.

The SEC has filed its opening brief in its appeal against Ripple. The agency seeks to overturn a ruling that XRP is not a security.

XRP (CRYPTO: XRP) was flying higher on Wednesday. The cryptocurrency was up 10.97% as of 3:45 p.m. ET. The rise comes as the S&P 500 (SNPINDEX: ^GSPC) gained 1.92% and the Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 2.

“As expected, the SEC’s appeal brief is a rehash of already failed arguments — and likely to be abandoned by the next administration,” Ripple chief legal officer Stuart Alderoty wrote on X.

The SEC asserts that labor and services received in exchange for XRP satisfy the “investment of money” criterion outlined in the Howey framework. Ripple’s legal team has consistently rejected the SEC’s claims, maintaining that XRP is a digital currency, not a security.

XRP surged 11.52% amid Ripple's legal battle with the SEC, as large investors increase their holdings. What does this mean for XRP’s future

US SEC files appeal against district court ruling on Ripple's XRP sales, arguing all transactions are securities under Howey Test.

The SEC appeals a court ruling on XRP classification, challenging its non-security status in sales, and argues Ripple's contract violations.

Ripple’s XRP has reached a major milestone, almost touching the $3 mark for the first time since 2018, signaling a significant price surge for the token. The coin has surged more than 15% in the past 24 hours,