The Middle East situation is mostly to blame for the recent collapse in Bitcoin (BTC) and the market as a whole, but the SEC's unexpected Notice of Appeal about XRP's selling status on October 2 made the decline worse. The price of XRP has been greatly impacted by this development.

XRP Liquidations Amid SEC Appeal

Over the previous day, XRP faced $11.28 million in liquidations, which resulted in a 21.5 million XRP loss. Approximately $621,000 was accounted for by short traders, and long traders lost $10.66 million. This decline comes after the unexpected appeal from the SEC. Solana (SOL) saw $12.65 million in liquidations, which is better than predicted given the downward trend in XRP's liquidation. The price of XRP is currently down 11.16% at $0.5183.

Uncertainty Looms for XRP Amid SEC Appeal

Experts in law anticipate that the SEC's appeal would result in at least two more years of litigation, which will prolong XRP's uncertainty. For over four years, the SEC litigation has stopped XRP from prospering in past bull cycles, and this tendency may continue. Due to regulatory worries, investors are likely to steer clear of XRP, which might impede its adoption when new alternative coins emerge with less baggage.