In comparison to the leading cryptocurrency, Bitcoin, the Ripple-affiliated XRP cryptocurrency is presently on course to record its ninth consecutive month in the red.
Since Ripple was able to obtain a partial legal victory against the U.S. Securities and Exchange Commission in July of last year, XRP has already dropped 72% versus the cryptocurrency king.
Back in May 2017, the token hit its current all-time high of 0.00025 BTC. It has now dropped a startling 97% from that top.
Judge Analisa Torres of the U.S. District Court in San Francisco largely sided with the business, stating that the secondary sales of the extremely contentious cryptocurrency do not qualify as a securities offering, as reported by U.Today. Although there was a significant increase in the price of XRP following the verdict, it was not sustained.
Because XRP is the only cryptocurrency with regulatory certainty in the US (aside from Bitcoin), Ripple’s lead attorney Stuart Alderoty highlighted the cryptocurrency’s exceptional standing in the US in October.
And ripple isn’t out of the woods yet. Additionally, Judge Torres declared last year that Ripple’s institutional XRP sales breached securities offerings laws. The SEC is requesting that Ripple pay a hefty $2 billion fine, as reported by U.Today. Ripple, however, seeks to reduce that enormous amount to only $10 million, claiming that because the business was actively interacting with US regulators, it did not demonstrate a reckless disregard for the securities rules.
How future developments in the Ripple lawsuit impact the price of XRP is still to be seen. But as of now, there have been no appreciable price increases for the token despite the increased regulatory certainty.
