The ongoing legal battle between Ripple and the SEC has significantly impacted XRP’s price performance. The 2020 lawsuit against Ripple centered around the sale of its XRP tokens without registering them as securities, a claim that Ripple contested in court. Last year, a court ruling partially removed XRP’s status as a security, handing a partial victory to Ripple and the broader cryptocurrency sector.

However, the SEC’s latest ruling has once again brought uncertainty to the market. On Wednesday, the agency filed an appeal of the ruling, seeking to increase Ripple’s fine from $125 million. As a result, XRP experienced a sharp decline, falling a whopping 11% to $0.51.

The market reaction triggered a wave of liquidations of long positions in XRP futures as traders reacted to the rising volatility. Despite a brief recovery to $0.52, XRP has fallen 20% over the past four trading sessions.

Despite the legal hurdles, Bitwise Asset Management’s filing to create an exchange-traded fund that invests directly in XRP has given investors some hope. The ETF filing, which positions XRP as a potential vehicle for institutional investment, demonstrates growing interest in the token despite regulatory concerns. Bitwise’s filing represents a significant milestone as it is the first to directly invest in XRP.

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