- XRP drops over 14% in the previous 24 hours, effectively paring July gains.
- Bitcoin’s drop contributed to the XRP price decline.
- Developments in the SEC vs. Ripple case also triggered the bearish trend continuation.
YEREVAN (CoinChapter.com) — XRP coin shaved 14% off its price in the previous 24 hours, reaching $0.5 ahead of the New York session on Aug 18.
What happened to XRP?
The move came as a larger bearish trend since mid-July. The decline began after topping off at $0.8 in July and effectively erased the 90% value increase, inspired by a favorable court ruling for Ripple against the US Securities and Exchange Commission (SEC) on July 13.
Meanwhile, two main reasons behind the crash in the previous 24 hours exist.
XRP swept by the Bitcoin plunge
As the 5th largest coin with over $26.5 billion in market cap, XRP is susceptible to Bitcoin’s price fluctuations. The leading crypto has experienced a selloff wave triggered by the worsening economic situation in China and the fictional FUD created around SpaceX’s alleged BTC dump.
As a result, the BTC/USD exchange rate hit a 2-month low, and all the top 10 altcoins followed with various degrees of damage. XRP was the largest “loser” so far, additionally influenced by the most recent court decision in the SEC vs Ripple case.
Court grants SEC request for interlocutory appeal.
On Aug 17, Judge Analisa Torres approved SEC’s Aug 9 request to appeal the July 13 court ruling, where the judge determined XRP was a security when sold to institutional investors but NOT to retail. In detail, the SEC filed for a so-called “interlocutory appeal,” meaning the appeal was filed during the course of litigation, when NOT all aspects of the case are finalized, and the trial is ongoing.
Meanwhile, there’s a time limit on the Judge’s decision. I.e., the SEC has 24 hours to submit a motion to the US Court of Appeals for the Second Circuit.
Additionally, the appeal would give Ripple time until Sep 1 to respond. Ripple lawyers chose to do so immediately, and James K. Filan, an attorney familiar with the case, posted the appeal for his followers.
The SEC winning the motion would pave the way for a full-blown appeal of Judge Torres’s landmark ruling. However, Ripple General Counsel Stuart Alderoty commented the odds are still in their favor.
We oppose the SEC’s request for an interlocutory appeal. There is no extraordinary circumstance here that would justify departing from the rule requiring all issues as to all parties to be resolved before an appeal.