XRP Price Rally Short-Lived as Bearish Market Sentiment Trumps Ripple Labs’ SEC Victory
The bearish sentiment of the crypto market is reported to have been negatively affecting the tokens. One such token is XRP, which is among the world’s largest tokens by market capitalization, which has lost almost all the gains after Ripple Labs’ landmark court ruling over the U.S. Securities and Exchange Commission (SEC) in July.
XRP Price Touched the 50 Cent
On Wednesday, XRP touched the 50 cents mark, which is 14% down in the past week and 30% down in a month. It is notable that on July 20, the token had reached a yearly high of 83 cents but on Wednesday, prices rolled down to levels before the SEC ruling.
Experts tend to believe that if sentiments were positive for this token, it could be fueling. Traders then would have looked to take profits and not adopt the buy-and-hold approach. But the latest ruling has been hurting the price of the coin.
Back in 2020, the SEC filed a case against Ripple for selling unregistered securities. Ripple has been known to maintain a distance from XRP but due to the XRP ledger network and token powering some of its products, any progress in the case has been affecting the XRP prices.
Is Robinhood planning to list XRP?
XRP is known for its exceptional fundamentals but legal challenges affected its growth. However, a partial victory against the US SEC can bring a bullish effect. Meanwhile, there have been rumors of Robinhood listing XRP before the end of 2023.
The current buzz is that if Robinhood lists XRP by the end of the year, it could lead to a massive rally due to its careful selection process. The tweeter anticipates strong gains for XRP in the fourth quarter of 2023. As of now it’s just a rumor and exercise caution while investing.
Presently, XRP’s price sits at $0.51 with a market cap of $27.1 billion, experiencing a 52.57% change this year. The trading volume for the last 24 hours has decreased by 11.66% to $1,191,335,454.
