XRP Continues to Decline Against Bitcoin Despite Clear Regulatory Guidelines
XRP, currently ranked as the seventh-largest cryptocurrency, has been experiencing a consistent decline in price compared to Bitcoin, the leading cryptocurrency in terms of market capitalization. This trend has raised significant concerns within the XRP community, despite Ripple’s recent success in its legal battle against the Securities and Exchange Commission (SEC).
Over the past eight months, XRP has consistently fallen in value against BTC, and it appears that this month will be no exception. Recent data shows that since Ripple achieved a victory over the SEC approximately nine months ago in July 2023, the token has experienced a 72% decrease in value compared to the flagship cryptocurrency.
XRP reached its all-time high in May 2017, when its price skyrocketed to 0.00025 BTC. However, since then, the value of XRP has almost entirely eroded, with the coin’s price dropping by a significant 97% from its 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 XRP, which has been a subject of controversy, do not qualify as a securities offering. While this verdict initially led to a notable increase in XRP’s price, the momentum was not sustained.
In the meantime, Ripple, the California-based blockchain firm, has filed an opposition to the SEC’s motion for remedies, arguing that the company should not be required to pay more than $10 million, a stark contrast to the $2 billion fine proposed by the SEC. Ripple has also asserted that it regularly engages with U.S. regulators and has not demonstrated a careless disregard for securities regulations.
As the Ripple vs SEC case continues to unfold, all attention is focused on how the price of the XRP token will react. According to data from CoinMarketCap, the current price of XRP stands at $0.5193, reflecting a slight increase of 0.01% in the past 24 hours. However, over the last seven days, XRP has declined by 0.96%, and over the last month, it has experienced a significant drop of 17.31%. Additionally, the 24-hour volume of XRP has decreased by over 36% in recent hours.
Despite the token’s partial victory in terms of regulatory clarity, there have been no substantial price increases thus far. Only time will reveal what lies ahead for XRP.
