XRP Price Nosedives 11% as SEC Files Appeal Against Ripple's Favorable Court Ruling

Ripple's native token, XRP, saw a sudden price drop on Wednesday, October 2, after the U.S. SEC filed an appeal against a court ruling that had previously worked in Ripple's favor.

Ripple’s [XRP] native token encountered a sudden price drop on Wednesday, October 2, after the U.S. SEC filed an appeal against a court ruling that had earlier worked in Ripple’s favor. This impulsive reversal saw XRP’s value drop by 11%, falling from a recent high of $0.66 to a low of $0.5075. The slip marked a stark contrast to the earlier optimism among investors, who had anticipated a possible bullish breakout for the cryptocurrency.

Interestingly, the timing of the appeal comes after XRP’s brief bull run earlier in the week, where it challenged its resistance level around the $0.66 mark, a price last seen during mid-March 2023. However, with the SEC’s legal maneuver, investors in the altcoin were left wondering if the token could bounce back and reclaim its lost ground.

Following the appeal, XRP’s market capitalization dropped to $29.354 billion, though the token still maintained its position as the seventh-largest cryptocurrency by market cap. While the token’s price stumbled, its trading volume surged. Within 24 hours, trading activity climbed by over 7.30%, hitting $3.15 billion.

This increase in volume can be largely attributed to profit-taking as market participants reacted to the renewed regulatory uncertainty surrounding Ripple’s ongoing legal battle with the SEC, adding to the volatility in the cryptocurrency’s market performance.

Ripple’s Legal Response and Implications

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