XRP Surges After SEC Ripple Appeal News

Ripple’s native token, XRP, has shown a significant surge after the news of US Securities and Exchange Commission(SEC) appealing in Ripple case surfaced.

Fox Business journalist Eleanor Terret posted on X that the SEC is likely to appeal, citing a former SEC lawyer as a source. An appeal could impact XRP price as it brings into question the legal clarity of the altcoin as a non-security in transactions on crypto exchange platforms.

On the contrary, after the news started doing rounds on X and other social media, XRP witnessed a huge surge in its price value. On 28 September 2024, the price value of XRP was $0.5878, the rally started at $0.6072, but it is now trading at $0.6452. The crypto has seen a jump of over 9% in the past 7 days.

Courtesy: XRP chart

Note that XRP’s surge is also a positive manifestation of several other factors- its recent partnering with India to facilitate oil purchases with Saudi Arabia unlocking a staggering $500 trillion market, Turkey’s second largest bank also now accepts XRP.

But mostly, the surge is a result of the SEC likely to appeal in the court. The appeals’ deadline is on October 6, and SEC’s appeal could further change XRP’s current trajectory. Indeed, some investors are worried that if anything changes the court’s decision, XRP’s price might see a dip. XRP has failed to hit the $0.70 mark since the case was won in August. But, if the case ends with no appeal, XRP is expected to march toward $1 by the end of 2024.

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Ritu Lavania
Written by Ritu Lavania

Ritu Lavania is a versatile Web3 content creator with over three years of experience in the crypto space. She is part of the team at CryptoNewsZ, where she writes insightful and engaging content. She has also contributed to TheCryptoTimes and The Coin Edition, where her work has been well received by the crypto community. Skilled in research, creative writing, SEO, and cross-functional collaboration, she creates content tailored to diverse audiences. ionate about education, she dedicates time to teaching kids and expressing herself through poetry. Always eager to learn, she continuously explores new trends in blockchain and digital assets. She believes in the power of storytelling to make complex crypto topics more accessible and engaging for readers worldwide.