- The price of XRP is $0.5119, down 2.52% in the last 24 hours as per data from CMC.
- Both the trading volume and market cap are down by 2.22% and 4.54% respectively.
The XRP token, which is embroiled in a protracted legal fight with the U.S SEC, has been struggling amid the recent market downturn. Trading volumes for XRP have returned to pre-July decision levels in the SEC lawsuit.
Despite the positive verdict, XRP’s amazing surge after the judgment failed to meet its target of $1. After reaching $0.93 in July, XRP has been trending downward ever since. After a sharp decline last week, XRP briefly surged to $0.53 mark. However, it quickly lost the short term gains.
Struggle Continues
According to CMC, the price of XRP is $0.5119 and is down 2.52% in the last 24 hours. Moreover, both the trading volume and market cap are down by 2.22% and 4.54% respectively.
Whale Alert stated today that an anonymous wallet had sent over 15 million worth of XRP to the cryptocurrency exchange Bitstamp. This transaction indicates that the whale is unloading its stockpile, thus casting doubt on whether prices would drop soon.
29,300,000 #XRP (15,130,884 USD) transferred from unknown wallet to #Bitstamphttps://t.co/DhcHkKNdzc
— Whale Alert (@whale_alert) August 24, 2023
Fred Rispoli, a well-regarded attorney, has been a leading voice who believes the trial will not go on. Rispoli’s reasoning provides a more complete picture of the stakes and explains why the SEC may like to avoid a confrontation of this kind. The attorney thinks there was more to the decision to go after Garlinghouse and Larsen than just the law. According to his assessment, forcing Ripple’s top executives into an arrangement was the primary goal.
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