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The crypto market flash crash that happened Oct. 2 has left most cryptocurrencies still unrecovered. The XRP price declined roughly 7% to $0.58 levels.
On Oct. 2, the SEC filed its appeal, which created a trigger for a significant XRP price drop. The price has fallen to $0.52. <img height="416" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXflv3OCeuMxSI0qriUYHO-vrtoGvQHej1TgUfRL_GJX7s3RxnJYdpoCZQLiGA6sNhjb-gY8sWoQA44YOZn4UPpp0_zzVT0XkkPh6fYtBfVLmR2wro5bGpqkDp8tSGMRZ9-x1iAuKlzeKO6pa88wUORmAbks?key=gixQVxqMMisEqqS4lVGCIA" width="624">Source: CoinMarketCap 
Ripple Chief Executive Brad Garlinghouse is positive the appeal will not change XRP’s current legal status.
As investors await for a delayed Uptober, the main question is whether the XRP price could overcome the negative impact.
<h2 id="xrp-etf-buzz">XRP ETF buzz</h2>
On Oct. 2, Bitwise, the leading cryptocurrency index fund manager, filed for an XRP ETF in Delaware. Thus, Bitwise has become the first firm to file an initial registration statement for a spot XRP exchange-traded funds (ETF) with the SEC.
XRP, however, failed to experience a price rally despite the recent ETF buzz. Coincided with the SEC appeal, this announcement did not have a significant impact on the price.
After a short-lived rebound to $0.544, XRP continued to decline, bottoming up at $0.513.
<h2 id="xrp-price-prediction">XRP price prediction</h2>
In the wake of Uptober, XRP has emerged as the top-trending crypto asset, according to <a href="https://x.com/santimentfeed/status/1841985637525733712" rel="noopener noreferrer nofollow">data</a> from Santiment.
Notably, following a recent SEC filing, nearly a quarter of a billion XRP tokens were moved off various crypto trading platforms by anonymous whales. This large-scale movement has raised concerns, especially in the face of increasing skepticism from XRP critics.
Max Keiser, a vocal Bitcoin maximalist, has <a href="https://u.today/xrp-rally-never-going-to-happen-max-keiser" rel="noopener noreferrer nofollow">ridiculed</a> XRP holders, claiming that the chances of a rally for XRP are non-existent.
Similarly, veteran trader Peter Brandt <a href="https://u.today/legendary-trader-peter-brandt-warns-xrp-is-heading-to-zero-against-bitcoin" rel="noopener noreferrer nofollow">has predicted</a> XRP's price will collapse to zero against Bitcoin, citing a long-term head-and-shoulders (H&amp;S) pattern that spans 11 years.
<blockquote>
 This is an X post that many will screenshot and remind me of often for years to comeDoes everyone know that Ripple actually is formal name for "RIP PPL OFF " <a href="https://twitter.com/search?q=%24XRPBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$XRPBTC</a>Chart has an 11-year complex H&amp;S that ONLY IF completed projects price to ZERO BitcoinGood news for the day! <a href="https://t.co/KGodcqUn64" rel="noopener noreferrer nofollow">pic.twitter.com/KGodcqUn64</a>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1841819679179817060?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 3, 2024</a>
</blockquote>
Currently, XRP is trading around $0.533, below the 200 EMA, and is nearing a critical support level.
If bearish pressure continues, the token could break below this support and fall to the $0.48-$0.49 range, signaling further downside risks for the cryptocurrency.

Will XRP Price Recover Amid SEC's Appeal?

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