It has now been more than a month since the champagne was uncorked at Ripple, the company behind the XRP token. Judge Analisa Torres ruled on July 13 that the secondary sale of XRP, i.e. via trading platforms, does not violate US securities laws. XRP price shot up in a straight line and luck seemed to run out of XRPcommunity. In the meantime, however, the price has returned to zero and all profits have been completely wiped out.
XRP profits wiped out
It’s another example of how fast things can go in the crypto market. Right before the verdict, XRP was still trading at a price near $0.47, but after the victory, it peaked at $0.9447. This means that the cryptocurrency has doubled in value in an extremely short period of time.
As the price soared, feelings of euphoria and greed intensified among investors. In that regard, everyone is now back on their feet as XRP is trading at $0.5189 at the time of writing.
Amid the broader market correction, XRP is currently down more than 13 percent compared to last week. In this respect, the price is of course heavily dependent on the development of Bitcoin (BTC), which entails the entire market.
The latest Ripple news
Earlier this week, you may have seen Ripple news that the lawsuit may have a long streak. The judgment of July 13 does not mean that the case is over. It was the court’s first decision in the lawsuit.
Ripple CTO David Schwarts announced this week that the US Securities and Exchange Commission (SEC) wants to appeal and stop the entire process until it is completed. That would mean that a lot of time will pass before the fight is finally over.
After the very positive judgment in July, major exchanges such as Coinbase, Gemini, Kraken and Binance.US welcomed the Ripple token. Also, it works now rumor Robinhood, the popular US trading platform, will add XRP to its platform by the end of 2023. Time will tell if these rumors are true.