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<p>XRP’s price has plunged below $0.54 as the U.S. Securities and Exchange Commission (SEC) renews its legal assault against Ripple, triggering concerns across the cryptocurrency market. This appeal comes amid broader uncertainty in the financial markets, largely driven by the escalating conflict in the Middle East.</p><h3 id="sec-39-s-appeal-revives-uncertainty-for-ripple-and-xrp">SEC&#39;s Appeal Revives Uncertainty for Ripple and XRP</h3><p>On October 1, the <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.551082/gov.uscourts.nysd.551082.978.0.pdf" rel="noopener noreferrer nofollow">SEC</a> filed an appeal against the previous ruling by Judge Analisa Torres, reigniting a legal battle that started in 2020. The initial decision had provided some relief for Ripple, with Judge Torres ordering the company to pay a significantly reduced fine of $125 million for institutional sales of XRP. However, the recent SEC appeal could push this case into prolonged litigation, raising concerns about XRP’s future.</p><p>Ripple CEO Brad Garlinghouse expressed his frustration on social media, labeling the SEC’s decision to continue litigation as “irrational” and damaging to the crypto industry. Ripple’s Chief Legal Officer, <a href="https://x.com/s_alderoty/status/1841596012588114116" rel="noopener noreferrer nofollow">Stuart Alderoty</a>, echoed Garlinghouse’s sentiments, describing the SEC’s actions as “disappointing but not surprising.”</p><p>As the legal dust settles, Ripple has announced its intention to consider a cross-appeal, with hopes of clearing up regulatory ambiguities that have hampered the company&#39;s operations.</p><h3 id="xrp-s-price-tumbles-amid-appeal-and-geopolitical-tensions">XRP’s Price Tumbles Amid Appeal and Geopolitical Tensions</h3><p>XRP’s price plunged to $0.54 following the SEC’s announcement, a sharp contrast to its recent peak of $0.64 earlier in the week. The drop also coincides with a broader market sell-off, driven by geopolitical tensions in the Middle East. Iran&#39;s recent missile attack on Israel has led to global market jitters, causing cryptocurrencies like Bitcoin and Ethereum to tank alongside XRP.</p><p>These external factors, coupled with the legal uncertainty surrounding Ripple, have dampened investor sentiment, triggering a sell-off in XRP. According to data from<a href="https://www.coinglass.com/funding/XRP" rel="noopener noreferrer nofollow"> Coinglass</a>, over $521 million in liquidations occurred across various crypto assets, with XRP accounting for a significant portion.</p><h3 id="bitwise-files-for-xrp-etf-amid-legal-turmoil">Bitwise Files for XRP ETF Amid Legal Turmoil</h3><p>In a surprising twist, <a href="https://x.com/BitwiseInvest/status/1841464422557954168" rel="noopener noreferrer nofollow">Bitwise</a> has filed for an XRP exchange-traded fund (ETF) with the SEC, despite the ongoing legal wrangling. This filing, while a positive signal for Ripple’s long-term prospects, faces the challenge of a potentially lengthy approval process. The SEC has no deadline to respond to Bitwise’s S-1 registration form, meaning the application could be delayed for years, adding further uncertainty to XRP’s near-term outlook.</p><h3 id="what-s-next-for-ripple">What’s Next for Ripple?</h3><p>Ripple’s legal battle with the SEC, now dragged into another phase with the recent appeal, puts XRP in a precarious position. While some market analysts argue that XRP could be entering a “zombie coin” phase, like Litecoin and Monero, others see the current price drop as a temporary setback.</p><p>With a $53 billion market cap, Ripple continues to expand its cross-border payment operations, and the planned launch of Ripple’s stablecoin, RLUSD, aims to bolster its institutional market presence. However, much will depend on the outcome of the SEC case and Ripple’s ability to weather these legal storms.</p><p>In the meantime, <a href="https://icogemhunters.com/xrp-set-for-massive-surge-will-swift-push-ripple-over-the-1000-mark/" rel="noopener noreferrer nofollow">XRP</a> holders and the broader crypto community remain cautious as legal and geopolitical uncertainties continue to loom over the market.</p><h3 id="conclusion">Conclusion</h3><p>XRP finds itself caught in a perfect storm of legal drama and global uncertainty. While Ripple’s cross-border ambitions remain intact, the SEC’s renewed appeal has dampened market sentiment, causing XRP’s price to plummet. With the crypto market also reeling from tensions in the Middle East, investors remain on edge, waiting to see how the legal landscape and geopolitical factors will influence XRP’s future trajectory.</p><p></p><p><em><strong>Disclaimer:</strong> This article is intended for informational purposes only and should not be construed as legal, tax, investment, financial, or any other form of advice.</em></p><p></p><p><em>Source: </em><a href="https://icogemhunters.com/xrp-plummets-below-0-54-amid-sec-appeal-will-ripple-recover/" rel="noopener noreferrer nofollow">ICO Gem Hunters</a></p>

XRP Plummets Below $0.54 Amid SEC Appeal—Will Ripple Recover?

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