The digital asset XRP, associated with Ripple, is poised to finish its ninth consecutive month in decline compared to Bitcoin. This comes even after Ripple won a partial legal battle against the U.S. Securities and Exchange Commission in July.
XRP reached its all-time high against BTC in May 2017 but has since dropped by a staggering 97% from that peak, currently standing at a 72% decrease. Following Judge Analisa Torres's ruling that secondary sales of XRP do not constitute a securities offering, XRP experienced a significant price increase. However, this uptick was short-lived.
Despite Ripple's claim that XRP holds a unique status in the U.S. due to having regulatory clarity (alongside Bitcoin), legal troubles persist. Judge Torres previously determined that Ripple violated securities laws with XRP's institutional sales, leading to the SEC demanding a $2 billion penalty. Ripple contests this amount, aiming to reduce it to just $10 million based on its engagement with regulators.
The impact of ongoing legal proceedings on XRP's value remains uncertain. Despite increased regulatory clarity, the cryptocurrency has yet to see substantial price gains.
Comments