XRP Price Declines: SEC Appeal Uncertainty Impacts Market Sentiment
XRP Price Trends Amid SEC Appeal Concerns
On August 26, XRP experienced a 2.20% decline, settling at $0.5874. This drop follows a broader bearish trend within the crypto market, where total market capitalization fell by 2.33% to $2.156 trillion.
Economic Indicators Influence XRP Value
Recent US economic data, particularly strong durable goods orders, have reduced expectations for aggressive Federal Reserve rate cuts, indirectly affecting XRP.
- Durable goods orders surged 9.9% in July.
- Dallas Fed Manufacturing Index rise exceeded projections.
SEC's Silence on Appeal Raises Concerns
The SEC's lack of communication regarding potential appeals in the Ripple case casts a shadow over XRP's market performance. Ripple's Chief Legal Officer, Stuart Alderoty, criticized the SEC's unpredictable nature in handling crypto regulations. Pro-crypto lawyer Fred Rispoli places a 50% chance on the SEC pursuing an appeal.
XRP Price Outlook
XRP’s trajectory is heavily reliant on developments in the SEC vs. Ripple case. If the SEC decides to appeal, XRP could plunge below $0.40. Alternatively, a decision not to appeal could send XRP toward $1.00.
Investors should stay vigilant as developments related to the SEC will strongly influence XRP price actions.
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.