XRP fell 10% as renewed regulatory uncertainty overshadowed ETF optimism.XRP's call-put skew shows fears of an extended price drop.XRP's {{XRP}}

The SEC's recent appeal in the Ripple case puts the future of the XRP ETF and Ripple's market status in doubt.

Bitwise, already an issuer of spot Bitcoin and spot Ethereum ETFs, filed for an $XRP ETF, triggering excitement in the crypto community and marking the first step in what Ripple CEO Brad Garlinghouse previously predicted was an "inevitable" wave of crypto ETFs.

Bitwise's XRP ETF application was filed on Sept. 30th in the state of Delaware, Fox Business journalist, Eleanor Terrett shared on X late Tuesday.

Bitwise has registered with the Delaware Division of Corporations for the establishment of a new entity called “Bitwise XRP ETF.”

The U.S. Securities and Exchange Commission (SEC) filed a notice of appeal against the historic ruling by Judge Analisa Torres in the Ripple case.

The XRP price plunged more than 6% over the past 24 hours to trade at $0.5871 as of 7:32 a.m. as investors offload their holdings in the crypto on the market. The Ripple token’s correction comes after Bitwise filed for a spot XRP ETF (exchange-traded fund).