The cryptocurrency market has seen some of its giants losing ground, despite seemingly positive internal dynamics. XRP, the digital token tied to the Ripple Labs, provides a case in point. 
While the crypto community was awash with positivity after Ripple Labs’ historic victory over the U.S. Securities and Exchange Commission (SEC) in July 2023, the joy was short-lived for XRP investors. Only a month after the groundbreaking ruling, data paints a grim picture for the token. 
As of Wednesday, XRP trades at a disheartening $0.51, marking a 14% decline in the past week alone. The past 30 days have seen the token’s value diminish by nearly 30%, according to <a href="https://coinmarketcap.com/currencies/xrp/" rel="nofollow noopener" target="_blank">CoinMarketCap</a>. 
<img decoding="async" class="size-full wp-image-23614 alignnone" src="https://crypto.ro/en/wp-content/uploads/2023/08/XRP_1688158800-1692824399_graph_coinmarketcap.png" alt="XRP 1688158800 1692824399 graph coinmarketcap" width="975" height="396" srcset="https://crypto.ro/en/wp-content/uploads/2023/08/XRP_1688158800-1692824399_graph_coinmarketcap.png 975w, https://crypto.ro/en/wp-content/uploads/2023/08/XRP_1688158800-1692824399_graph_coinmarketcap-300x122.png 300w, https://crypto.ro/en/wp-content/uploads/2023/08/XRP_1688158800-1692824399_graph_coinmarketcap-768x312.png 768w, https://crypto.ro/en/wp-content/uploads/2023/08/XRP_1688158800-1692824399_graph_coinmarketcap-750x305.png 750w" sizes="(max-width: 975px) 100vw, 975px" title="XRP struggles amid broader market pullback, erases gains post SEC ruling 24"> 
To put this into perspective, <a href="https://crypto.ro/en/news/elon-musk-launches-ai-startup-xai-to-understand-the-true-nature-of-the-universe/">XRP</a> had rallied to an annual high of $0.83 on July 20. This was soon after the aforementioned court ruling. Fast forward to today, and XRP’s value is reminiscent of pre-ruling days. 
It’s worth revisiting the roots of this volatility. Back in 2020, the SEC came down heavily on Ripple Labs, accusing them of selling unregistered securities. 
The matter was contentious, primarily because Ripple has always been vocal about maintaining its distinct identity, separate from the XRP token and the XRP Ledger network. Yet, the real-world implications were palpable – each turn in the court battle resonated with fluctuations in XRP’s value. 
The climax of this long-drawn legal saga came in July 2023. A U.S. judge pronounced that XRP token sales on exchanges were not tantamount to investment contracts. 
This pivotal decision temporarily halted what had been among the most protracted and debated legal encounters in the crypto realm. 
However, despite this positive turn of events, XRP’s current performance indicates a broader market trend. Investors seem to be leaning towards profit-taking strategies, moving away from a more traditional buy-and-hold approach. This behavior underscores a bearish sentiment that, for the moment, is overshadowing even the most promising of fundamentals.

XRP struggles amid broader market pullback, erases gains post SEC ruling

crypto.ro global

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