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XRP Price Has Dropped Below Levels Before SEC Victory

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By Augustine Mbam - - 5 Mins Read
Ripple coin on a wooden surface, letter cubes
| Shutterstock
Ripple coin on a wooden surface, letter cubes
| Shutterstock


It seems the whole hype and fiasco about Ripple taking a large chunk of the wins against the Securities and Exchange Commission has died down.


For those who didn't experience what it felt like when XRP was declared non-security, it was simply electric. Everyone in the crypto community at that time knew this win wasn't only for Ripples. It was for the whole crypto community. Investors got really excited when almost all the crypto in the market went into slight bullish breaks — some actually lasted for weeks.


But in the middle of all this, there was XRP. The originator of the bullish rally. Going on to touch new levels that it hadn't dreamt of when the year started.


It went from staying within the $0.40 to $0.50 range to touching almost $1 at $0.83. This was the new yearly high, which happened in July 2020. This was the good news then. 


The bad news is that XRP might return to where it all started. The hype has died down. In fact, more bad news is piling up for the crypto with regard to the XRP lawsuit news. Apparently, the Securities and Exchange Commission will appeal the ruling, and it is not looking good. But that's not even the main issue. 


XRP Suffers Huge Price Losses 

XRP suffered massive losses that saw the price come down to new lows. At the time of writing, the XRP price is currently in the $0.52 range. This is roughly the level the crypto token was before Judge Torres made the ruling.


XRP token price, 14 days chart
XRP 14 day price chart | Bybit


But now, the bears have ruined everything the crypto token spent time building after the announcement. Looking at the price charts, one can't help but wonder what exactly happened. At press time, the price chart of XRP for the past 14 days is down by about 16%. 


Even worse, the monthly price chart is down by more than 28%. But there's something to take note of here. Despite the massive decrease this crypto has seen in the past months, the yearly chart remains intact. This shows how much the crypto has recovered over a year. Apparently, XRP is still up by more than 55%. While we appreciate the little things, the Ripple and SEC case remains a concern. 


XRP yearly price chart 2023
XRP 1-year price chart | Bybit


XRP Lawsuit News Update 

The latest update regarding the Ripple and SEC case is that the latter will appeal the ruling made on the 13th of July. In that ruling, the judge told the Securities and Exchange Commission that XRP is not a security when sold between retailers. 


But in the interlocutory appeal, the judge has already given Ripple September 8th as the deadline to file their appeal. Without wasting much time, the SEC has already filed their motion. 

Part of it read, "(1) the ruling (…) that Defendants’ ‘Programmatic’ offers and sales of XRP over crypto asset trading platforms could not lead investors to reasonably expect profits from the efforts of others; and (2) the ruling that Ripple’s ‘Other Distributions’ of XRP as a ‘form of payment for services’ was legally insufficient to constitute an ‘investment of money’ under SEC v. Howey."