Ripple’s XRP price continues to decline despite legal win against the U.S. SEC
The post Ripple’s XRP price continues to decline despite legal win against the U.S. SEC appeared on BitcoinEthereumNews.com.
Ripple recently made a breakthrough after winning a legal battle against the U.S. Securities Exchange Commission (SEC). However, market analysts note that the win has not translated to a surge in XRP’s value. Coinmarketcap data reveals that XRP is currently trading at $0.4284. Also read: Ripple team launches new feature to improve payments API XRP is facing a slump amid the market crisis. The price decline comes despite Ripple’s latest win against the U.S. Security Exchange Commission(SEC) where Judge Torres clarified that XRP cannot be considered a security. XRP was one of the tokens being investigated by the regulator for being an unregistered security. Ripple’s CTO breaks silence on token’s price David Schwartz responded to an XRP influencer tweet expressing his views on XRP’s price decline below $0.40.Schwartz focused on the token’s utility aspect by adding that the current price enables users to acquire enough XRP to facilitate transactions despite the market price. Still costs $1 to buy enough XRP to make a $1 payment. — David “JoelKatz” Schwartz (@JoelKatz) July 5, 2024 The CTO’s comment emphasized XRP’s inefficiency and reduced value as a payment option due to the high transaction fees. The industry still questions XRP’s practical use despite its legal clarity. They added that the high transaction fees deter its widespread adoption. After Judge Torres’ ruling last month, XRP is said to be one of the few tokens enjoying a clear legal status. According to the California ruling, Ripple did not contravene any federal security laws by issuing the XRP token without registering it as a security with the SEC. Data indicates that XRP continues to struggle to recover despite the legal clarity. Friday’s decline marked an 89.1% drop from its all-time high of $3.84.The drop sparked conversations within the crypto community, and the uproar reportedly caught Ripple’s…
Filed under: News - @ July 6, 2024 12:22 pm