XRP has recently erased all gains it had gained due to Ripple Labs’ partial victory in its lawsuit with the U.S. Securities and Exchange Commission (SEC). This has led to speculations that the SEC-induced momentum may be over. The cryptocurrency has lost more than 44% of its gains since the ruling and continued in instability amid a massive sell-off and weak investors’ confidence.Judge Analisa Torres’ ruling that retail XRP sales did not constitute securities spurred the asset to skyrocket from its trading price of around $0.47 to over $0.82. With the upward movement, XRP briefly surpassed BNB as the fourth-largest cryptocurrency by market cap before settling in as the fifth-largest and has remained so since then. U.S. crypto exchanges, which previously delisted the token due to the legal battle, relisted it in droves. Furthermore, XRP began to see substantial institutional inflows as investors started to acquire the asset following increased interest in its potential.However, the euphoria has died down in recent weeks as XRP value has tumbled to levels seen before Ripple’s partial win against the SEC. Last week, the crypto asset led the altcoin decline during the market bloodbath, crashing by roughly 20% within seven days. This has created uncertainty and technical hurdles that threaten to let XRP’s price decline further, challenging spectators and long-term holders. The SEC has also moved to challenge Judge Torres’ decision on the sale of XRP, despite opposition from the company.With XRP’s track record of making big price moves whenever significant events occur in the SEC vs. Ripple Labs lawsuit, the asset’s next direction remains uncertain. While investors and market participants stay wide-eyed to see if XRP’s price will recover, it appears the SEC-induced momentum has come to an end.
| Information |
Details |
| Geography |
North America |
| Countries |
|
| Sentiment |
negative |
| Relevance Score |
10 |
| People |
Analisa Torres, Ripple, SEC, CryptoPotato, Judge Torres |
| Companies |
Ripple Labs, U.S. Securities and Exchange Commission (SEC), XRP Ledger, BNB, PrimeXBT, Binance Futures |
| Currencies |
XRP, Bitcoin, Ethereum, BNB, SEC |
| Securities |
None |
