Regulation
XRP continues to fall against Bitcoin despite regulatory clarity
XRP, the seventh largest cryptocurrency, has seen its price steadily decline compared to Bitcoin, the largest cryptocurrency by market capitalization, despite Ripple’s partial victory over the Securities and Exchange Commission. This has caused major concerns within the XRP community.
For the past eight months, XRP has been consecutively in the red compared to BTC and it looks like this month’s close will be no different. According to recent data, since Ripple scored a victory over the SEC around nine months ago in July 2023, the token has fallen 72% against the flagship cryptocurrency.
XRP reached its all-time high in May 2017, when the price surged to 0.00025 BTC. However, since then, XRP has squandered almost all of its gains, with the coin’s price falling 97% from that high. Recall that last year, Judge Analisa Torres of the US District Court in San Francisco largely sided with the blockchain company, stating that secondary sales of the extremely controversial native cryptocurrency XRP are not considered an offering of securities. Although there was a significant increase in the price of XRP following the verdict, it was not sustained.
Ripple counters $2 billion SEC fine
Meanwhile, California-based blockchain company Ripple previously filed an objection to the Securities and Exchange Commission’s petition for relief, stating that the company should pay no more than $10 million, which is far from the $2 billion requested by the SEC. . Ripple further claimed that it was interact with US regulators regularly and he has not demonstrated a reckless disregard for securities rules.
As we continue to wait for upcoming developments in the Ripple vs SEC case, all eyes are on the price action of the XRP token to see how it will react. According to data from CoinMarektCap, XRP price is trading at $0.5193 today, representing an increase of 0.01% from the last day. Looking back, XRP has fallen 0.96% over the past seven days and 17.31% over the past month. Additionally, activities around the token, as shown by its 24-hour volume, have also decreased by over 36% in the last 24 hours.
So far, the token’s partial victory (regulatory clarity) over regulatory watchdogs has not resulted in any appreciable or major price increases so far. Time will tell what happens next.