XRP Price Drops 12% Despite Ripples Legal Victory Over SEC
The cryptocurrency has fallen by 11.7% since last Sunday, dropping from $2.5 to $2.13 in less than four days.
Many crypto analysts and retail traders had anticipated that the conclusion of the four-year-long legal case between Ripple and the SEC would act as a catalyst for a price surge, attracting new buyers into the XRP ecosystem. Instead, the market saw a significant sell-off, with XRPs price dipping lower than expected.
Ripple CEO Brad Garlinghouse highlighted that the case had been destined for resolution, calling the conclusion a victory for Ripple and stating that it proved the company was on the right side of history.
Despite Ripples insistence on its innocence regarding the SECs allegations, the long-running litigation had clearly affected XRPs performance in the market. While Bitcoin and Ethereum surged in value amid growing crypto adoption, XRPs price struggled to gain momentum, and the news of the lawsuits resolution didnt seem to provide the bullish push that many traders had hoped for.
As XRP faces continued market pressure, the outcome of the Ripple-SEC case was expected by many to be a major turning point. However, instead of fueling optimism, the legal resolution has failed to trigger the anticipated buying wave, leaving some to question whether the token can regain momentum moving forward.
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Text source: Coindoo
