Ripple (XRP) Analysis: The Impending 30% Plunge Amid SEC Legal Struggles
Ripple's Legal Challenges Ahead
The US Securities and Exchange Commission (SEC) has officially appealed its case against Ripple Labs concerning XRP. This follows speculation that the regulator might have missed its deadline. XRP has begun a downward trend, with a recent decline of 2% in just 24 hours. As bearish sentiment increases around this altcoin, questions arise: How much further will it dive, and for how long?
SEC's Appeal and Its Implications
In its October 17 civil appeal pre-argument statement, the SEC is not contesting the ruling that XRP sales to retail investors via exchanges do not qualify as securities. Instead, the focus is on whether the US District Court for the Southern District of New York erred in its proceedings involving Ripple CEO Brad Garlinghouse and co-founder Chris Larsen. This appeal could vastly impact XRP's market position.
Key Concerns for XRP Investors
With the SEC ramping up its legal push against Ripple, investors are bracing for potential volatility. The market continues to watch closely how these developments will unfold and affect XRP's trajectory.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.