XRP Continues to Decline Against Bitcoin Despite Regulatory Clarity
XRP, the seventh-largest cryptocurrency, has seen its price steadily decline against Bitcoin, the largest cryptocurrency by market cap despite Ripple’s partial victory over the Securities and Exchange Commission. This has caused major concerns across the XRP community.
For the past eight months, XRP has consecutively been in the red against BTC and it looks like this month’s closure will be no different. According to recent data, since Ripple secured a victory over the SEC about nine months ago in July 2023, the token has dropped by 72% against the flagship cryptocurrency.
XRP reached its all-time high back in May 2017 when the price skyrocketed to 0.00025 BTC. However, since that time, XRP has wasted almost all its gain as the price of the coin has dropped significantly by 97% from that peak. Recall that last year, Judge Analisa Torres of the U.S. District Court in San Francisco largely sided with the blockchain firm, stating that the secondary sales of the extremely controversial native cryptocurrency XRP, do not qualify as a securities offering. Although there was a significant increase in the price of XRP following the verdict, it was not sustained.
Ripple Counters SECs $2 Billion Fine
Meanwhile, the California-based blockchain firm, Ripple, previously filed an opposition to the Securities and Exchange Commission’s motion for remedies, stating that the company should not pay more than $10 million, which is a far cry from the $2 billion the SEC asked for. Ripple further claimed that it was interacting with US regulators regularly, and it did not demonstrate a careless disregard for the securities rules.
As we continue to wait for upcoming developments in the Ripple vs SEC case, all eyes are glued to the price movement of the XRP token to see how it will react. According to data from CoinMarektCap, the price of XRP today is trading at $0.5193, representing a 0.01% increase over the last day. In hindsight, XRP has dropped by 0.96% in the last seven days and 17.31% over the last month. What is more, the activities surrounding the token, as portrayed in its 24-hour volume, have also declined by more than 36% in the last 24 hours.
So far, the token’s partial victory (regulatory clarity) over the regulatory watchdogs hasn’t resulted in any appreciable or major price increases thus far. Time will tell what will happen next.
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