<ul><li>Tesla&#39;s alleged Bitcoin liquidation sends ripples through the crypto market.</li><li>FOMC&#39;s interest rate decisions heighten market uncertainty, impacting XRP.</li><li>SEC&#39;s appeal on Ripple&#39;s ruling adds to XRP&#39;s ongoing challenges.</li></ul>In a recent turn of events, the cryptocurrency market experienced a significant jolt, with XRP taking a substantial hit. The digital currency&#39;s value plummeted by over 13%, settling at $<a href="https://coinmarketcap.com/currencies/xrp/" rel="noopener noreferrer nofollow">0.50</a>. This sharp decline was largely influenced by a series of events that sent ripples across the crypto landscape.The crypto community was abuzz with <a href="https://www.wsj.com/tech/behind-the-curtain-of-elon-musks-secretive-spacex-revenue-growth-and-rising-costs-2c828e2b" rel="noopener noreferrer nofollow">rumors</a> that Elon Musk&#39;s Tesla had offloaded its BTC holdings worth $377 million. This news, coupled with the Federal Open Market Committee (FOMC) minutes indicating potential interest rate hikes to combat inflation, created a whirlwind of negative sentiment.The U.S. is witnessing its interest rates soar to levels not seen in many years. Specifically, the 10-year yield has surged to a 15-year peak, casting a shadow over risk assets. If the bond sell-off persists, it could further exacerbate the downward trend of risk assets as the week concludes.XRP, which had already been grappling with a weakened market structure post its July peak of $0.93, bore the brunt of this selling frenzy, spiraling down to $0.50. The prevailing sentiment suggests that the path of least resistance for XRP is currently downward, a sentiment further intensified by the rise in short positions.Adding to the concerns of XRP investors was the U.S. Securities and Exchange Commission&#39;s (SEC) move to <a href="https://www.wsj.com/livecoverage/stock-market-today-dow-jones-08-17-2023/card/judge-in-sec-ripple-case-opens-path-to-partial-appeal-after-july-ruling-Qj9YAsJsOP72ufpmQfCx" rel="noopener noreferrer nofollow">appeal</a> a portion of the verdict in its lawsuit against Ripple. The SEC&#39;s interlocutory motion seeks the court to reconsider its decision, which stated that XRP&#39;s programmatic sales on third-party platforms aren&#39;t securities, unlike direct institutional sales. Judge Analisa Torres has approved the SEC&#39;s appeal request, setting the agency&#39;s deadline of August 18. On the other hand, Ripple has until September 1, with a potential extension to September 8, to present its counter-motion.Read full article at<a href="https://cryptotale.org/xrps-13-plunge-to-0-50-market-reaction-or-strategic-move/" rel="noopener noreferrer nofollow"> CryptoTale.</a>

XRP's 13% Plunge to $0.50: Market Reaction or Strategic Move?

CryptoTale

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