Ripple (XRP) plunges after SEC interlocutory appeal request approval

The value of XRP, the digital asset connected to Ripple Labs, has dropped by a startling 30%, causing a seismic change in the cryptocurrency space. The plunge coincided with the approval of the US Securities and Exchange Commission's (SEC) interlocutory appeal request by Judge Analisa Torres. XRP dropped to a low of $0.

Timeline of Xrp

As part of its CBDC Partner Program, Mastercard has joined hands with prominent CBDC leaders and payment giants to work along with the central banks to bring CBDCs to the market under a regulatory framework.

Ripple Labs Inc is gaining more recognition for its innovations in the fintech world as American payments giant Mastercard Inc has onboarded the firm as part of its Central Bank Digital Currency (CBDC) alliance. As announced by Mastercard, Ripple will join other innovators in the fintech world, including ConsenSys, Fluency, Idemia, Fireblocks and Consult Hyperion, all of which are part of the alliance.

Mastercard has announced a strategic relationship with several blockchain companies, including Ripple. This is a big deal that shows how important central bank digital currencies (CBDCs) are becoming in the global financial system. Despite the positive sentiment XRP token tumbled by by 14.3% in the last 24 hours, along with other assets.

Mastercard has just made a very interesting announcement, including Ripple, Fireblocks, Consensys, and four others in a new CBDC Partner Program. The program aims to “bring a greater understanding of the benefits and limitations of CBDCs and how to implement them in a way that is safe, seamless, and useful,” according to Mastercard.

Amidst the recent turmoil engulfing the broader cryptocurrency landscape within the past 24 hours, a scenario that witnessed Bitcoin (BTC) plummet to an astonishing $26,000 nadir, the fortunes of XRP have also taken a momentous tumble.

In a dramatic turn of events, the crypto market witnessed a whirlwind of liquidations, resulting in over $1 billion in losses within a mere 24 hours. The fallout, affecting nearly 200,000 traders, sent shockwaves through the trading community.

Shortly after blockchain company Ripple filed its opposition to the United States Securities and Exchange Commission's (SEC) anticipated motion to file an interlocutory appeal in the prolonged legal standoff between the two, the court set a briefing schedule for the regulator's request.

Ripple's XRP lost more than $5 billion of its market capitalization after Thursday's late-night market meltdown liquidated $1 billion from crypto traders. Data from CryptoSlate shows that XRP is among the top 10 losers for Aug. 18, plunging by more than 20% during the reporting period to as low as $0.473.

In a significant development in the crypto world's legal battle between Ripple and the US Securities and Exchange Commission (SEC), a federal judge has granted the SEC the opportunity to file a motion that could potentially allow it to appeal a groundbreaking ruling regarding the classification of the crypto XRP as a security.

XRP has left a bloody mess as crypto markets reacted to alleged reports of Elon Musk's Tesla liquidating its $377 million position in Bitcoin. On top of this, the crypto market did not sit well with the Federal Open Market Committee (FOMC) minutes, which pointed to further interest rate hikes to curb inflation.