XRP, riding on its latest price uptrend, achieved a momentous feat by surpassing BNB to claim the esteemed position of the fourth-largest cryptocurrency by market capitalization.
Encouraged by the recent non-security ruling following Ripple Labs’ arduous legal battle against the Securities and Exchange Commission, the value of XRP soared to new heights, and its popularity experienced a notable surge.
According to a recent tweet by LunarCrush, XRP proudly took the number one spot on the platform’s trending list, cementing its growing appeal within the crypto community. Such widespread recognition undoubtedly contributed to XRP’s recent success.
But the question that now looms is whether this newfound popularity will be enough to sustain its position in the crypto market hierarchy.
— LunarCrush (@LunarCrush) July 22, 2023
Ripple’s Partial Win Sparks Enthusiasm But XRP Faces Decline
Following Ripple’s partial legal victory, XRP holders were elated, propelling the altcoin to reach a local peak of $0.9375. However, the sentiment has taken a downturn at present, and XRP’s price action has turned bearish, with the token currently trading at $0.700 on Coingecko, marking a 24-hour decline of 5.5% and a seven-day decrease of 3.9%.
XRP red in all timeframes. Source: Coingecko
A recent XRP price report sheds light on the bearish nature of the token’s daily chart. Notably, its Chaikin Money Flow (CMF) indicator recorded a downtick, indicating a decrease in the buying pressure. Similarly, the Money Flow Index (MFI) also signaled a bearish trend.
XRP price performance in the last week. Source: Coingecko
The overall metrics do not favor XRP either, as its MVRV Ratio experienced a sharp decline over the past few days. Moreover, the network growth of XRP has decreased, implying a reduction in the creation of new addresses for transferring the token.
SEC To Appeal Judge’s Decision In Landmark Crypto Case
A recent Bloomberg report revealed that the SEC is set to appeal the ruling made by Judge Analisa Torres in a significant crypto case. The regulatory institution believes that the judge made an error in ruling against them and intends to challenge the decision.
XRP market cap currently at $36.6 billion. Chart: TradingView.com
The SEC has put forth its argument, asserting that the court failed to adequately consider the evidence presented by the regulator during the case. Additionally, they claim that the court did not appropriately apply the relevant laws to the facts presented before it. This has prompted the SEC to take action to rectify what they perceive as an incorrect judgment.
The core issue is whether Ripple Labs should have registered its XRP token as a security with the SEC. The regulatory body contends that if Ripple Labs is permitted to continue operating without registering the XRP token as a security, it could potentially harm investors.
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Featured image from CryptoTicker