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XRP’s price hovers near $0.60 amid SEC appeal uncertainty and ongoing market volatility.   Former Bitfury CEO compares XRP’s price fluctuations to Google’s early stock volatility.   SEC’s potential appeal could significantly impact XRP’s price trends in the coming weeks. XRP, Ripple’s digital asset, is experiencing price swings as the possibility of a U.S. Securities and Exchange Commission (SEC) appeal looms. The cryptocurrency, currently trading near $0.60, reflects broader crypto market concerns, where price volatility is a major issue. Former Bitfury CEO Brian Brooks compared XRP’s price swings to Google’s early stock volatility, stressing that such movements don’t define the asset’s long-term value. XRP’s Price Dips Amid Market Volatility In the past 24 hours, XRP’s price fell by 0.37% to $0.5981, a slight reversal from the previous day’s 1.14% gain. This drop mirrors the broader crypto market, which saw a 0.48% decrease, bringing the total market cap to $2.097 trillion. These price movements highlight the ongoing volatility in the crypto space, with XRP struggling to stay above $0.60. Brooks, speaking at The Aspen Institute, argued that focusing on short-term price changes misses the point of cryptocurrencies like XRP. He believes their true value lies in their potential to disrupt centralized financial systems. Brooks compared XRP’s current price fluctuations to Google’s early stock volatility, suggesting that such changes are not important when considering the asset’s future potential. He sees cryptocurrencies, much like internet stocks, as investments in the future of decentralized networks, and their price volatility should not be the main focus. SEC Appeal Uncertainty Adds to XRP’s Challenges The SEC’s potential appeal of the recent Ripple case rulings adds further uncertainty. The SEC has until early October to decide whether to appeal Judge Analisa Torres’ August 7 final judgment. The ruling, which included a $125 million penalty for Ripple, was less than…

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Filed under: News - @ August 23, 2024 8:16 pm