Ok, I figured out what was wrong. It was kind of foolish of me. I had two problems with my code. My first mistake was when specifying the ssl_version I put in TLSv1 when it should have been ssl.PROTOCOL_TLSv1. The second mistake was that I wasn't referencing the wrapped socket, instead I was calling the original socket that I have created. The below code seemed to work for me.

import socket
import ssl

# SET VARIABLES
packet, reply = "<packet>SOME_DATA</packet>", ""
HOST, PORT = 'XX.XX.XX.XX', 4434

# CREATE SOCKET
sock = socket.socket(socket.AF_INET, socket.SOCK_STREAM)
sock.settimeout(10)

# WRAP SOCKET
wrappedSocket = ssl.wrap_socket(sock, ssl_version=ssl.PROTOCOL_TLSv1, ciphers="ADH-AES256-SHA")

# CONNECT AND PRINT REPLY
wrappedSocket.connect((HOST, PORT))
wrappedSocket.send(packet)
print wrappedSocket.recv(1280)

# CLOSE SOCKET CONNECTION
wrappedSocket.close()

Hope this can help somebody!