Building on its latest price-rising trend, XRP achieved a memorable performance by surpassing BNB to claim the prized position of the fourth-largest cryptocurrency by market capitalization.
Buoyed by the recent non-safety ruling following Ripple Labs’ grueling legal battle against the Securities and Exchange Commission, XRP’s value soared to new heights and its popularity experienced a notable surge.
According to a recent tweet from 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 has undoubtedly contributed to XRP’s recent success.
But the question that now looms is whether this newfound popularity will be enough to maintain its position in the crypto market hierarchy.
Top ten current trending searches🔍 on https://t.co/Ye6Yvoh7kQ
1️⃣ $xrp
2️⃣ $peep
3️⃣ $shib
4️⃣ $ftm
5️⃣ $btc
6️⃣ $inj
7️⃣ $matic
8️⃣ $lunr
9️⃣ $ lunch
🔟 $dydx pic.twitter.com/8n3kONT4Th— LunarCrush (@LunarCrush) July 22, 2023
Partial victory of Ripple generates enthusiasm, but XRP faces decline
After Ripple’s partial legal victory, XRP holders rejoiced, pushing the altcoin to a local high of $0.9375. However, sentiment is currently falling and XRP’s price action has turned bearish with the token currently trading at $0.700 on Coingeckoa 24-hour drop of 5.5% and a seven-day drop 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. In particular, the Chaikin Money Flow (CMF) indicator registered a decline, indicating a reduction in buying pressure. Similarly, the Money Flow Index (MFI) also signaled a bearish trend.
XRP price performance in the last week. Source: Coingecko
The overall stats are also not in favor of XRP as the MVRV ratio has fallen sharply in recent days. In addition, XRP’s network growth has slowed, meaning fewer new addresses are being created for transferring the token.
SEC is appealing the judge’s decision in the landmark Crypto case
A recent Bloomberg report revealed that the SEC is appealing Judge Analisa Torres’ ruling in a major crypto case. The regulatory body believes the judge made a mistake in ruling against them and intends to challenge the decision.
XRP market cap currently at $36.6 billion. Chart: TradingView.com
The SEC advanced its argument, alleging that the court did not sufficiently consider the evidence presented by the regulator during the case. In addition, they allege that the court did not correctly apply the relevant laws to the facts presented before it. This has prompted the SEC to take action to correct what they consider to be an erroneous judgment.
The key question is whether Ripple Labs should have registered its XRP token as security with the SEC. The regulatory body states that allowing Ripple Labs to continue operating without registering the XRP token as a security could potentially harm investors.
(The content of this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from CryptoTicker
