XRP Price Falls To Pre-Victory Levels
The XRP price has declined by 4.08% in the last day, making it one of the top losers among the top 10 cryptocurrencies. This drop can be attributed to the overall bearish market, which closely follows the movement of Bitcoin. Additionally, the Ripple case with the SEC is not yet over, as the regulator has filed for an interlocutory appeal. This extension of the legal battle has caused investors to become more cautious.
What Happens If The SEC Prevails?
If the SEC wins the interlocutory appeal, it would have a very negative impact on the XRP price. Looking back at 2020, when the SEC first filed its lawsuit against Ripple, the price of XRP plummeted. If the regulator is successful this time, XRP could potentially crash another 50% from its current level. However, if Ripple wins, XRP has the potential to become one of the best performers in the market, similar to Cardano’s ADA. The outcome of the appeal, expected to be announced on September 1, will greatly influence the future of XRP.
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Hot Take
The XRP price has experienced a significant decline due to the bearish market sentiment and the ongoing legal battle with the SEC. The outcome of the appeal will determine whether XRP will continue to face downward pressure or if it will have the opportunity to recover and thrive. Investors are eagerly awaiting Ripple’s response to the SEC’s appeal, as it will heavily impact the future trajectory of XRP.
