Ripple’s XRP Plunges Over 15%: Here’s What You Need to Know
Ripple’s XRP has experienced a significant drop, falling by over 15% in the last 24 hours. The cryptocurrency is currently trading around $0.5, a level that will be interesting to watch to see if it holds. There are a few potential reasons for this crash, including:
- SEC v. Ripple Case Update
- US Securities and Exchange Commission’s (SEC) appeal request
- Approval for an interlocutory appeal granted
- Ripple opposing the request for an interlocutory appeal
- Price reacting negatively to the news
The SEC has filed an interlocutory brief seeking permission to appeal the recent ruling by Judge Analisa Torres. While the request has been granted, it does not yet authorize the appeal. Ripple has opposed the request, arguing that there are no extraordinary circumstances justifying a departure from the rule that requires all issues to be resolved before an appeal. Despite this ongoing legal battle, XRP’s price has suffered a significant drop in the past 24 hours alone.
Hot Take:
Ripple’s XRP faces uncertainty as the SEC v. Ripple case continues. The recent drop in price reflects the market’s reaction to the legal developments. It remains to be seen how this case will unfold and what impact it will have on the future of XRP.
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