XRP, in its latest price hike, has made a significant achievement, overtaking BNB to claim the coveted position of the fourth largest cryptocurrency by market capitalization.
Fueled by a recent non-securities ruling following Ripple Labs’ bitter legal battle against the Securities and Exchange Commission, XRP’s value has soared to new heights and its popularity has experienced a remarkable surge.
According to A Lunarcrush’s recent tweet, XRP proudly topped the platform’s trending list, cementing its growing appeal in the crypto community. Such widespread recognition has undoubtedly contributed to XRP’s recent success.
But the question now is whether this newfound popularity will be enough to keep its place in the crypto market hierarchy.
Ten current trending searches at https://t.co/Ye6Yvoh7kQ
— LunarCrush (@LunarCrush) July 22, 2023
Ripple’s Partial Success Raises Excitement, But XRP Faces Decline
Following Ripple’s partial legal victory, XRP holders cheered, prompting the altcoin to reach a local peak of $0.9375. However, sentiment has currently taken a turn for the worse and XRP’s price level has been volatile, with the token currently trading at $0.700. KoinkekoThe 24 hours mark a fall of 5.5% and seven days fall of 3.9%.
XRP red in all timeframes. Source: Coingecko
A recent one XRP price report Throwing light on the bearish nature of the token’s daily chart. Notably, its Chaikin Money Flow (CMF) indicator recorded a decline, indicating a reduction in buying pressure. Similarly, the Money Flow Index (MFI) also indicates a bearish trend.
XRP price performance in the last week. Source: Coingecko
Overall metrics are also not in XRP’s favor as its MVRV ratio has seen a sharp decline over the past few days. Additionally, XRP’s network growth has slowed down, leading to a reduction in the creation of new addresses to transfer the token.
SEC to appeal judge’s decision in landmark crypto case
A recent Bloomberg report revealed that the SEC is set to appeal a ruling by Judge Analisa Torres in a landmark crypto case. The regulatory body believes the judge erred in ruling against them and intends to challenge the decision.
XRP market cap currently at $36.6 billion. Chart: TradingView.com
The SEC made its case by asserting that the court failed to adequately consider evidence presented by the regulator during the case. Further, they claim that the relevant laws were not properly applied to the facts before the court. This has prompted the SEC to take action to correct what they consider to be a misjudgment.
The key issue is whether Ripple Labs registered its XRP token as a security with the SEC. The regulatory body argues that if Ripple Labs is allowed to continue operating without registering the XRP token as a security, it will harm investors.
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Featured image from Cryptoticker