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The XRP price saw a significant downturn following a broader correction in the market. Adding to the negative sentiment around XRP’s price, the Securities and Exchange Commission (SEC) recently filed an interlocutory appeal related to the XRP verdict.
- Consequently, Ripple has to respond by Sept. 1 and the SEC by Sept. 8 to address any subsequent response submitted by Ripple. This timeframe is critical as it shapes the trajectory of XRP’s legal standing and the subsequent impact on its market performance.
- In its court filing, the SEC highlighted that the focal point of the argument wasn’t necessarily whether XRP is classified as a security.
- The filing stated that the SEC did not intend to pursue an appellate review of any determination regarding the nature of the underlying assets, which are essentially computer code lacking inherent value.
- The move generated substantial selling activity for the coin, raising concerns that its price might drop below the $0.50 mark for a second consecutive trading session.
- Despite a slight recovery of 3.60% on Sunday and a prior gain of 2.71% on Saturday, XRP still grappled with a decline of over 16% throughout the past week.
- Observing the price chart, it becomes evident that XRP relinquished some of its weekend gains and was valued at $0.5277, marking a 2.03% decrease from its Sunday level.
