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XRP Price Continues to Struggle as SEC Seeks to Appeal Security Ruling, But XRP20 Raises $1.8 Million

Press Releases Crypto News BeInCrypto XRP Price Continues to Struggle as SEC Seeks to Appeal Security Ruling, But XRP20 Raises $1.8 Million

Major cryptocurrencies are seeing a significant drop in prices as the market resumes its downward spiral.

Bitcoin’s recent bull rally did not have enough legs to hold the $30K price level, with BTC now trading near $29,400. Altcoins are bearing the brunt of the current bearishness, with XRP posting the worst losses of any top 20 cryptocurrency.

The SEC has finally confirmed that it will appeal Ripple’s recent landmark victory, posing a serious threat to XRP’s growth prospects. Stellar Lumens also continues its strong correlation with Ripple, plunging in response to the SEC FUD.

The SEC’s hawkish stance, in addition to the upcoming CPI report, has forced investors to rethink their strategy.

One token that’s emerged as a potential alternative to XRP is XRP20, a new stake-to-earn coin that’s raised over $1.8 million in just two weeks of its presale.

XRP Price Plunges After SEC Confirms Ripple Appeal

The US Securities And Exchange Commission has addressed a letter to SDNY District Judge Analisa Torres, requesting an interlocutory appeal against Ripple’s watershed win.

Torres had awarded a partial victory to Ripple when she ruled that the programmatic sales of XRP tokens to retail investors did not meet the Howey criteria and thus did not violate the Securities Act. However, she did state that Ripple’s institutional sale of XRP tokens was, in fact, illegal.

The SEC’s motion to appeal will also seek to stay any further court proceedings, including Torres’ ruling that awards XRP its non-security status.

An SEC appeal was likely already priced in by the market and therefore did not lead to absolute bloodshed. Nevertheless, XRP has plummeted close to 2.5% over the past 24 hours, bringing its weekly loss to over 5%.

Ripple supporters are putting up a vociferous defense against SEC’s appeal. Pro-XRP lawyer Jeremy Hogan states that the SEC’

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Author: BeInCrypto Team

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