Ripple opened Wednesday morning trading at an average price of approximately $0.61, after trading for more than $0.80 a month ago. Judge Analisa Torres of the SDNY ruled that XRP transacted on crypto exchanges is not a security.
XRP Price Responses to SEC: Coincidence or Not?
After a new development in the SEC vs. Ripple litigation, this is at least the fourth time that the XRPUSD markets have experienced significant volatility on crypto exchanges. These developments are unrelated to the product value that XRP provides.
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On December 21, 2020, when the commission initially filed its lawsuit against Ripple Labs, the price promptly plummeted.
Then, on March 22, 2021, when Judge Netburn ruled that XRP is a currency with utility value distinct from BTC and ETH, Ripple's price increased from $0.52 to $0.55 during a week in which BTC declined by 2.8%.
During that week, altcoins increased in value, while the blue chips declined on the gauges. Additionally, Ethereum declined during the period. So it may have had some relation to the SEC case.
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In July of this year, XRP surged 72% after Judge Torres pronounced largely in favor of Ripple. As a result of the SEC's appeal, the price has risen again. One could reasonably argue that the SEC manipulates XRP more than Ripple Labs does.
Regulatory Uncertainty Is Harmful to Small Investors
After a new development in the SEC vs. Ripple lawsuit, this is at least the fourth occasion that the XRPUSD markets on cryptocurrency exchanges have experienced significant volatility. These events are unrelated to the product value provided by XRP.
When the commission initially filed its lawsuit against Ripple Labs on December 21, 2020, the price promptly plummeted.
Then, on March 22, 2021, when Judge Netburn ruled that XRP is a currency with utility value distinct from BTC and ETH, Ripple's price increased from $0.52 to $0.55 amidst a 2.8% decline in BTC price.
During that week, the value of altcoins increased while the blue chips fell on the indicators. Additionally, the price of Ethereum fell during the period. Therefore, it may have had a connection to the SEC case.
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In July of this year, XRP surged 72% after Judge Torres ruled in Ripple's favor. The price has risen again as a consequence of the SEC's appeal. A reasonable argument could be made that the SEC manipulates XRP more than Ripple Labs.
Small Investors Suffer from Regulatory Uncertainty.
Uzochukwu Onyemaechi 1 y
Ripple