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The XRP tokens continue to face regulatory hurdles, but Bitwise XRP ETF filing amid Ripple SEC lawsuit could bring some positive legal developments to the table. Yet, for now, XRP price fluctuates, and Ripple executives remain vocal about their frustrations with the SEC's actions. This article tackles the major Ripple news today, from the XRP ETF filing amid Ripple SEC lawsuit, to the future of XRP price and XRP tokens within all of these uncertainties.
XRP Price DROP Amid SEC Appeal
Ripple’s CEO, Brad Garlinghouse, has openly commented on the sharp decline in the XRP price, which recently fell over 14% to $0.51, a significant drop compared to the broader crypto market, where most assets saw declines of around 3%. The downturn comes as the SEC officially announced its intention to appeal a recent court ruling favoring Ripple, exacerbating the uncertainty surrounding XRP tokens.
The SEC appeal is focused on Ripple’s programmatic sales of XRP tokens, which were deemed not to violate securities laws in a July 2023 ruling. However, the SEC has signaled disagreement with this part of the decision and is moving forward with its appeal before the October 7 deadline.
Ripple Executives Express Frustration with the SEC
Ripple executives, including Garlinghouse and Chief Legal Officer Stuart Alderoty, have voiced their frustrations with the persistence of the SEC appeal to the court’s ruling. Garlinghouse criticized the SEC for its relentless pursuit of legal action, stating that the agency is wasting taxpayer money on a “losing battle.” His sarcastic remark on social media, commenting on how the SEC is “protecting” investors, highlights his frustration as XRP holders continue to suffer financial losses due to these ongoing legal battles.
Alderoty has also expressed disappointment, stating that the SEC’s actions have only prolonged what has already become an embarrassment for the agency. He added that Ripple is evaluating the possibility of filing a cross-appeal, suggesting that the legal fight between Ripple and the SEC is far from over.
Bitwise XRP ETF Filing Amid Ripple SEC Lawsuit: WHY NOW?
In Ripple news today, Bitwise XRP ETF filing (or as they declared it, XRP ETP filing) in Delaware would be on the top of the list. This move aims to provide investors with direct exposure to XRP tokens, marking a significant development in the U.S. crypto market. If approved, it would become one of the first XRP ETFs in the U.S., following the approval of several Bitcoin and Ethereum ETFs earlier this year.
However, approval is far from guaranteed. XRP, created by Ripple, has been at the center of a legal battle with the SEC since 2020, which could complicate the ETF’s approval process. Ripple did win a partial court victory, but the ongoing legal challenges could still affect the SEC’s decision. However, Bitwise XRP ETF filing amid Ripple SEC lawsuit is a smart move, no matter the response later, for many reasons, starting with the exposure with all the media coverage around the Ripple SEC lawsuit, and then if Ripple wins again, and it gets approved, it would be the first provider of XRP ETFs in the U.S. So, the XRP ETF filing now seems like a smart strategic move from Bitwise, no matter the final result for both legal challenges.
Despite the XRP token rank's position as a top 10 cryptocurrency, its price has been volatile. Recently, XRP price dropped by 14% in one day and 11% over the last week, reflecting investor uncertainty amid these legal troubles. Many believe that approval of an XRP ETF could spark a price rally, especially given the strong support for XRP tokens, particularly in countries like the Philippines.
As Ripple and the SEC continue their legal battles, the future of XRP tokens remains uncertain. The potential approval of an XRP ETF could be a major win for Ripple, but the ongoing legal challenges cast doubt on the likelihood of that happening anytime soon. Investors and XRP supporters will need to stay vigilant as these developments unfold, with market movements likely to hinge on future legal rulings.