XRP Price Update: Significant Drop Since Mid-July Surge
XRP experienced a surge in mid-July after Ripple’s partial victory against the SEC, reaching $0.8207 from $0.473. However, the price has since dropped to $0.65, a 25% decrease. This decline is in line with the overall struggle of the crypto industry to maintain prices. Despite the drop, XRP remains the 5th largest digital currency by market cap, with a market cap of $34.9 billion and a daily volume of $1.1 billion. However, the 24-hour volume is 20% lower than before.
SEC’s Bias Against Ripple Revealed in Crypto Conflict
Recently released documents from the SEC’s case against Ripple show a potential conflict of interest and bias. The documents indicate that the SEC was more accommodating towards Ethereum and its figures compared to Ripple. It was also revealed that the SEC had met with Ripple’s top executives in 2018 to discuss the company’s operations and technology, dismissing the question of whether XRP was a security. This suggests that the SEC was more interested in Ripple’s business and technology.
Ripple’s Case Impacts Binance’s Trial
Following XRP’s partial victory against the SEC, the impact on future cases and trials is already being seen. US Judge Amy Berman Jackson cited the SEC vs Ripple case in denying a motion to intervene in the SEC’s action against Binance. This prevents private cross-claims, counter-claims, and third-party claims to SEC enforcement actions.
XRP20 Presale Raises Almost $500k
As the XRP price dropped, interest in the new XRP20 token has risen. The token, launched on Ethereum, allows users to buy a different version of XRP. The token is available for $0.000092 per XRP20 and has raised $477.8k so far, nearing half a million. Users can purchase XRP20 with ETH or USDT, and the sale will continue until it reaches its soft cap of $1.85 million.
Hot Take: XRP’s Price Drop and Ripple’s Case Impacting the Industry
The significant drop in XRP’s price after its mid-July surge highlights the volatility of the crypto market. The bias revealed in the SEC’s case against Ripple raises questions about regulatory fairness. Furthermore, the impact of Ripple’s case on Binance’s trial shows the interconnectedness of legal actions in the industry. The introduction of the XRP20 token provides an alternative for XRP investors, but it remains to be seen if it will regain the same level of enthusiasm. Overall, the current state of XRP reflects the challenges and complexities of the crypto market.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies.Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.