The XRP rate has dropped significantly after a general correction in the market. Adding to the negative sentiment around the XRP price is the SEC's recent filing of an international appeal related to the XRP verdict. 😟

Ripple has until September 1 to respond to this, and the SEC has until September 8 to consider any subsequent response submitted by Ripple. This timing is critical as it determines the trajectory of XRP's legal status and the subsequent impact on its market behavior.

In the court filing, the SEC emphasized that the central issue in dispute is not necessarily whether XRP is a security. 🤔

The SEC said it does not intend to seek appellate review of any determination regarding the nature of the underlying assets, which are essentially computer code with no intrinsic value.

This caused significant selling of the coin, raising fears that its price could fall below the $0.50 mark for the second trading session in a row.

Despite a slight recovery of 3.60% on Sunday and a previous rise of 2.71% on Saturday, XRP still faced a decline of more than 16% over the past week.

Analyzing the price chart, it is clear that XRP has given back some of its output profits and is valued at $0.5,277, representing a decline of 2.03% from Sunday's level.