XRP is down 7.2% in the last 24 hours despite securing approval from Dubai regulators and the registration of Bitwise XRP ETF trust entity in Delaware.
Increased discussions around a potential SEC appeal by October 7th have impacted the market sentiment towards XRP.
Alex Thorn from Galaxy Digital believes the XRP ETF will fail if the SEC files a countermotion on October 7th.
Marc Powers, a former SEC enforcement attorney, predicts that the SEC is likely to appeal and challenge the previous rulings.