Ripple's Legal Battle Heats Up as XRP Faces Volatility and Traders Remain Optimistic
1. Regulatory Pressure Mounts: SEC’s Appeal Shakes the Market The U.S. Securities and Exchange Commission ( SEC ) filed an appeal against the recent ruling that favored Ripple , contesting that programmatic sales of XRP on secondary markets are not securities transactions. This development caused XRP to plunge by 12%, from $0.60 to $0.52. Ripple’s Chief Legal Officer and CEO both expressed disappointment with the SEC’s persistence, calling the appeal “disappointing but not surprising”( Techopedia )( Invezz ).
2. Business Expansion Continues Amid Legal Struggles: Ripple Expands in Latin America Despite the ongoing legal battle, Ripple continues to expand its payment services. Recently, the company launched a new payment platform in Brazil through Mercado Bitcoin , increasing its reach in Latin America. This business expansion is seen as a long-term positive factor for XRP, offering stability to its utility use case despite current market volatility( Decrypt ).
3. XRP Market Sentiment : Traders Bet on a Rebound While XRP has experienced a sharp 14.5% decline from its recent high of $0.66 to $0.57, many traders remain bullish. The derivatives market shows a positive funding rate, suggesting optimism for a price recovery ahead of the SEC’s appeal deadline on October 7. Traders are keeping a close eye on resistance levels , particularly at $0.60 and $0.63, with a potential breakout signaling renewed upward momentum( FXEmpire ).