The XRP price experienced a significant drop of 16% over the past week, following a general market correction. This decline was further fueled by news of Elon Musk’s SpaceX selling $377 million worth of Bitcoin (BTC) holdings. Additionally, the Securities and Exchange Commission (SEC) filing an interlocutory appeal on the XRP verdict added to the negative sentiment surrounding the coin.
The SEC’s appeal resulted in a wave of selling pressure on XRP, pushing its price dangerously close to the sub-$0.50 level for two consecutive trading sessions. In its court filing, the SEC clarified that the argument was not about whether XRP is a security, stating that the underlying assets are merely computer code with no inherent value.
Ripple, the company behind XRP, has until September 1 to respond to the SEC’s filing, while the SEC has until September 8 to address any potential response from Ripple. These developments have left the XRP community uncertain about the future of the cryptocurrency.
Despite a slight gain of 3.60% on Sunday and a 2.71% rise on Saturday, XRP still registered a significant drop of over 16% in the past seven days. The chart above illustrates how XRP has retraced some of its weekend gains and is currently trading at $0.5277, representing a 2.03% decrease compared to its Sunday level.
Investors and XRP enthusiasts are now eagerly awaiting any potential changes in the cryptocurrency’s fortunes. The next few weeks will be crucial in determining the direction XRP takes, as Ripple and the SEC engage in legal proceedings.
It remains to be seen whether XRP can recover from its recent losses and regain its positive momentum. As the market continues to evolve, investors should closely monitor any updates regarding Ripple’s response to the SEC’s appeal and the subsequent actions taken by the regulatory body.
In conclusion, the past week has been challenging for XRP, with a significant decline in its price and the SEC’s appeal filing. The coming weeks will be crucial in determining the future trajectory of XRP and whether it can overcome these obstacles. Investors should stay informed and closely follow any developments that may impact the cryptocurrency’s value.
