XRP, the digital currency linked to Ripple, is poised for its ninth successive monthly loss against Bitcoin, the leading cryptocurrency.
Since the partial legal win secured by Ripple against the US Securities and Exchange Commission in July, XRP has experienced a 72% decrease in value relative to Bitcoin.
In May 2017, the value of this token attained its maximum historical price of 0.00025 BTC. However, its current value represents a staggering 97% decrease from that former high.
According to U.Today’s report, Judge Analisa Torres of the U.S. District Court partially agreed with Ripple’s stance in her ruling. She decided that the sale of XRP as secondary transactions does not equate to a securities offering. Consequently, XRP experienced a significant price surge, but this uptrend was brief.
In October, Ripple’s leading legal representative, Stuart Alderoty, highlighted XRP‘s distinct advantage in the US market as it is the only cryptocurrency with clear regulatory guidance (besides Bitcoin).
Ripple is also not off the hook for now. Last year, Judge Torres also ruled that Ripple violated securities offering with its institutional XRP sales. As reported by U.Today, the SEC is demanding that Ripple pays a hefty $2 billion fine. However, Ripple wants to trim that gargantuan sum to a mere $10 million, arguing that it did not show reckless disregard for the securities laws since the company was actively engaging with US regulators.
The future impact on XRP‘s price from ongoing Ripple case developments is uncertain. Despite the recent regulatory clarification, the token has yet to experience significant price growth as a result.
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2024-04-28 21:14