XRP falls by more than 10% amid SEC court appeal

The price of XRP $2.23 XRP -2.18% Market capitalization $127.8 billion VOL. 24 hours $0.99 billion fell by 10% after the US Securities and Exchange Commission (SEC) filed an appeal against a court ruling against Ripple. In July 2023, the court ruled that XRP sold by Ripple Labs was not a security. However, the SEC is continuing its legal fight by filing an appeal with the US Second Circuit Court of Appeals.

Ripple CEO Brad Garlinghouse expressed his disappointment with the SEC’s actions, saying that the agency is «not protecting investors, but only damaging its reputation.» According to him, XRP’s status as a non-security is already enshrined in the law.

After the appeal was filed, the price of XRP plummeted, falling from $ 0.60 to $ 0.53. This also happened against the backdrop of large whale transactions that moved about 60 million XRP to various crypto exchanges.

Garlinghouse assures that Ripple will continue to fight in court, and the decision on the status of XRP will not change even in the face of a new legal attack from the SEC.

According to the analytical tracker CoinMarketCap, at the time of writing, XRP is trading at $ 0.5 with a market capitalization of $ 29.3 billion, a daily regression of 13.5%. Traders made daily trading deals worth $ 3.07 billion.