The extended bearish decline that was observed over the previous two days is being recouped by the larger digital currency ecosystem. Although the market value of all digital currencies has decreased by 1.16% to $1.05 trillion, the contributions of XRP—one of the top altcoins—to this slump are particularly noteworthy. According to information from CoinMarketCap, the price of the currency dropped as much as 19% during the last seven days to $0.5052.
Because of the recent market downturn, holders of XRP have lost virtually all of the profits that the recent favourable XRP judgement has helped to generate for the digital currency. To retest the greater than 70% growth rate seen when the decision got public, XRP bulls need a more specific catalyst given the present outlook.
The dispute between Ripple Labs Inc. and the US Securities and Exchange Commission (SEC) continues to have a significant impact on the future of XRP, thus the blockchain payments company’s proactive steps can significantly fuel fresh growth triggers for the coin.
Judge Analisa Torres ordered the SEC to file its appeal motion yesterday, and the response from Ripple Labs will have a significant impact on whether or not XRP bulls decide to start amassing the coin in the midterm.
Fate of XRP in Ripple v. SEC lawsuit
The key point of dispute in the Ripple v. SEC lawsuit up to this point is whether XRP sales that take place on secondary markets qualify as investment contracts.
Industry insiders have underlined that the positive decision from Judge Torres is final and that no amount of SEC appeal would materially alter how XRP is traded on exchanges. This seals XRP’s destiny in the United States and may herald a new era for the coin amid a widespread listing from leading crypto trading platforms in the nation.
