As a seasoned crypto investor with a knack for navigating through the tumultuous seas of digital currencies, I can’t help but feel a tad perplexed by XRP‘s current predicament. Despite the broader market’s resurgence, led by Bitcoin’s impressive climb above $68,000, XRP continues to languish in the red. It’s like watching a ballerina dance gracefully on stage, while your partner insists on doing the chicken dance backstage.
Even though there was a substantial $1.1 billion worth of XRP traded within the last day, the cryptocurrency continues to see a decrease in value, finding it hard to make any significant progress in terms of price increase.
Based on information from CoinMarketCap, it appears that the trading volume of XRP dropped by about 21.2% over the past day. This decrease suggests a reduction in activity, despite the wider cryptocurrency market seeing a recovery.
At present, the broader cryptocurrency sector is experiencing a revival, spearheaded by Bitcoin which has crossed the $68,000 threshold. Many other parts of the market have followed suit as Bitcoin regained the $68,000 level.
However, this recovery has not been mirrored by XRP, which remains in the red despite slight losses. The price of XRP has declined by nearly 1% in the last 24 hours, despite the larger positive movement on the crypto market. At the time of writing, XRP was down 0.87% in the last 24 hours to $0.546, suggesting the asset has yet to benefit from the recent crypto market rebound.
The poor performance of XRP prices may be due to several reasons, such as overall market mood and news that directly impacts XRP, like the ongoing lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC).
In July of last year, Ripple partially won a court decision classifying XRP as not a security. However, the Securities and Exchange Commission’s recent appeal has reintroduced doubt into the market. The market is now waiting for additional updates that could potentially impact XRP’s value significantly.
SEC files Form C civil appeal
On October 17th, the Securities and Exchange Commission (SEC) submitted a Form C civil appeal together with a preliminary statement, contesting certain aspects of the court’s verdict in favor of the Ripple defendants in their XRP case ruling.
The SEC’s appeal focuses on allegations made against Ripple’s leaders, Brad Garlinghouse and Chris Larsen. It claims they breached securities laws by distributing and offering for sale XRP, and additionally, they are accused of assisting in Ripple’s infractions of these regulations.
The appeal challenges the court’s decision to give partial summary judgment in favor of the defendants, which included XRP sales on exchanges, personal sales by Garlinghouse and Larsen, and Ripple’s XRP disbursements in exchange for noncash payments.
In response to the Securities and Exchange Commission (SEC) appealing over matter X, Stuart Alderoty, Ripple’s top legal officer, emphasized that the SEC’s Form C doesn’t challenge the court decision classifying XRP as a non-security asset.
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2024-10-18 18:57