XRP, the native token of RippleLabs, continues to be bearish despite the recent big news about the SEC’s latest ruling against the company. At the time of publication, the XRP crypto currency is at $0.4732. This represents a 7% decline in the last week. Ripple XRP also suffered a bad week in the overall crypto market.
A California court, on June 13th, sided with Ripple in the ongoing dispute between Ripple and SEC. The judge found that Ripple Labs had not broken securities laws. This dismissed the SEC’s major allegations. This legal fight between two sides began in 2020, and it looks to be finally coming to an end.
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Ripple’s Latest Win Doesn’t Boost XRP
In the past, when Ripple was able to announce positive news about its lawsuits, XRP’s performance would be boosted by bullish investors. This time, that’s not the case. Bulls don’t seem to be focusing on one particular asset, as the crypto markets are experiencing increasing unrest. Bitcoin, the largest cryptocurrency in terms of market capitalization, has been on a downward trend. It traded below $63,000 Monday.
As well as Bitcoin Other assets follow the trends of Bitcoin, whether they are positive or negative. When BTC falls, so does the market as a whole, which includes XRP. Spot Bitcoin exchange-traded funds (ETFs), which were generating a lot of hype in the first half of 2024, have finally started to cool down. The hype around cryptocurrency may slow down in 2024.
XRP could be saved from the current slide once Ripple vs SEC is finalized. However, until Ethereum ETFs make a big splash and allow XRP to be included in ETFs it might not be an easy summer for Ripple’s XRP.
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Source: watcher.guru