XRP, the cryptocurrency ranked seventh in terms of market capitalization, has been experiencing a consistent decline in price against Bitcoin, the largest cryptocurrency, despite Ripple’s recent success against the Securities and Exchange Commission (SEC). This has raised significant concerns within the XRP community.
Over the past eight months, XRP has consistently performed poorly compared to BTC, and it appears that this trend will continue into the current month. Recent data reveals that since Ripple’s victory over the SEC in July 2023, the token has experienced a 72% drop in value against the flagship cryptocurrency.
XRP achieved its highest ever price in May 2017, reaching 0.00025 BTC. However, since then, the coin has lost almost all of its gains, with its price plummeting by 97% from that peak. It is worth noting that last year, Judge Analisa Torres of the U.S. District Court in San Francisco largely sided with Ripple, stating that the secondary sales of the controversial XRP coin did not qualify as a securities offering. Although the verdict initially led to a significant price increase for XRP, this surge was not sustained.
In the meantime, Ripple, the blockchain company based in California, has opposed the SEC’s motion for remedies and argued that it should not be required to pay more than $10 million, a far cry from the $2 billion demanded by the SEC. Ripple also emphasized that it had been regularly engaging with U.S. regulators and had not shown a careless disregard for securities regulations.
As the Ripple vs SEC case continues to unfold, all attention is focused on the price movement of the XRP token and how it will respond. According to data from CoinMarketCap, the current price of XRP is $0.5193, reflecting a 0.01% increase in the last day. Looking back, XRP has experienced a 0.96% drop in the past seven days and a 17.31% decrease over the last month. Additionally, the token’s 24-hour trading volume has declined by more than 36% in the past 24 hours.
Despite securing partial victory in terms of regulatory clarity, XRP has not witnessed any significant or substantial price increases thus far. Only time will reveal what lies ahead for the token.
