252 Interactions, 4 today
For XRP traders and HODLers, the current legal fight between the SEC and Ripple has become a rollercoaster ride. As a result of the legal squabble, the price of the altcoin is unclear. The SEC has maintained that XRP is a security since the outset of this compliance action.
As a result of the recent updates, the price of XRP is now $1.44, down nearly 5% in the last 24 hours. The trading rate has increased by almost 50% in the last 24 hours. According to coinmarketcap.com, the altcoin’s valuation is nearly 62 percent lower than its all-time high of $3.84.
Following feedback from the SEC vs. Ripple hearing, the social frequency peaked multiple times. According to the aforementioned table, it has fallen to 16258 as a result of the SEC’s claim that XRP holders are actually XRP investors. Given the effect on ROI in the short term, this is akin to an assault on XRP HODLers’ portfolio. (Ironically, the SEC’s mission statement is to “protect investors.”)
According to the aforementioned list, XRP traders have gained less than 15% ROI in the last 30 days, making it less lucrative than the majority of altcoins in the top ten. Similarly, HODLers who earned while the price was at $1.9 are actually losing money. Volatility has almost levelled out, with a few fluctuations following listening updates. At the same moment, the association between XRP and BTC and ETH is greater than 80%. This has allowed the altcoin’s price to hold steady at $1.6 despite selling pressure on spot exchanges.
The SEC’s response to the latest filing makes its aggressive posture against XRP traders apparent. The updates in legal cases have done little to protect the rights of XRP traders. Following the updates, the short-term ROI is predicted to fall even lower.
The SEC’s compliance action against Ripple was never meant to shield or adversely affect the price of XRP; but, at a time when virtually every mid to small-capitalization altcoin is rallying this summer, XRP’s rangebound price action is primarily a result of the SEC proceedings against Ripple.
XRP traders have responded to this activity with steady demand through spot markets, and the market capitalisation is currently above $51 billion; the altcoin ranks seventh, with no signs of falling outside the top ten.