Ripple (XRP) Crashes 16% Weekly But Are Things About to Change?

2023-08-21 09:24:56

The XRP price entered a dramatic decline towards the end of last week, after a broader market correction, amid news that Elon Musk’s SpaceX liquidated $377 million in Bitcoin (BTC) holdings.

Another piece of bad news for XRP pricing was the Securities and Exchange Commission (SEC) officially filing an interlocutory appeal on the XRP verdict. It resulted in strong selling pressure on the coin that threatened to push its price into sub-$0.50 levels for a second consecutive trading session.
The SEC admitted that the argument wasn’t whether XRP is necessarily a security in its court filing, noting, “The SEC does not seek appellate review of any holding relating to the fact that the underlying assets here are nothing but computer code with no inherent value.”
Ripple has until September 1 to react to the filing, and the SEC has until September 8 to address any Ripple response.

XRP price chart | Source: TradingView* Overall, despite a 3.60% gain on Sunday, following a 2.71% rise on Saturday, XRP still fell by more than 16% over the last seven days. As can be seen in the chart above, XRP seems to have lost some of its weekend gains and was trading at $0.5277, 2.03% lower than its Sunday level.

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