A generally bearish market has weighed down on XRP prices after a landmark victory by Ripple Labs.
Bearish sentiment in the broader market has weighed down on tokens that may were otherwise fueled by positive fundamentals as traders look to take profits on price movements instead of taking a buy-and-hold approach.
Data shows XRP, among the world’s largest tokens by market capitalization, has lost nearly all gains after Ripple Labs’ landmark court ruling over the U.S. Securities and Exchange Commission in July. XRP exchanged hands at 50 cents on Wednesday, down 14% in the past week and 30% over a 30-day period. Price-chart data shows the tokens hit a yearly high of 83 cents on July 20., but Wednesday’s prices are back to levels before the SEC ruling.
In 2020, the SEC sued Ripple on allegations that the firm sold unregistered securities. Ripple has historically maintained a distance from XRP, the token that powers some of its products, and the XRP Ledger network. But any progress in the case has an impact on XRP prices. But in July 2023, a U.S. judge ruled the sale of XRP tokens on exchanges did not constitute investment contracts, putting a pause on what was one of the longest and most controversial legal cases in the crypto market.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ripple CTO Stuns XRP Army With His Recent Tweet: 'XRP Fixes This'High-ranking Ripple executive posted provocative tweet about XRP, prompting heated humorous reaction from community
Read more »
Ripple Lawsuit: Here's Why Clayton and Hinman Played Unfairly With XRPNew expose shared on possible reasons why XRP was tagged a security and Ethereum was not
Read more »
Ripple (XRP) Crashes 16% Weekly But Are Things About to Change?Is Ripple's XRP about to drammatically change its direction?
Read more »
Ripple CTO Ends Speculation on XRP Ledger's Bitcoin SemblanceXRP Ledger began in 2011 as copy of Bitcoin core, but here's where things currently stand
Read more »
XRP Can Stage a Rally at This Level, Despite 17% Weekly Crash (Ripple Price Analysis)Ripple's price has experienced a notable downturn owing to the recent rapid drop in Bitcoin's value. However, amidst this scenario, a glimmer of hope
Read more »
Ripple proponent says XRP adoption lags by three years as consequence of SEC lawsuitJohn Deaton, a pro-Ripple attorney, analyzed the impact of the Securities & Exchange Commission’s (SEC) lawsuit against Ripple. In response to the fin
Read more »