XRP Price Rally Short-Lived as Bearish Market Sentiment Trumps Ripple Labs’ SEC Victory

The bearish sentiment of the crypto market is reported to have been negatively affecting the tokens. One such token is XRP, which is among the many world’s largest tokens by market capitalization, which has misplaced virtually all of the positive factors after Ripple Labs’ landmark court docket ruling over the U.S. Securities and Alternate Fee (SEC) in July.

XRP Value Touched the 50 Cent

On Wednesday, XRP touched the 50 cents mark, which is 14% down prior to now week and 30% down in a month. It’s notable that on July 20, the token had reached a yearly excessive of 83 cents however on Wednesday, costs rolled all the way down to ranges earlier than the SEC ruling.

Specialists are inclined to imagine that if sentiments had been optimistic for this token, it may very well be fueling. Merchants then would have seemed to take income and never undertake the buy-and-hold strategy. However the newest ruling has been hurting the worth of the coin. 

Again in 2020, the SEC filed a case towards Ripple for promoting unregistered securities. Ripple has been identified to keep up a distance from XRP however as a result of XRP ledger community and token powering a few of its merchandise, any progress within the case has been affecting the XRP costs.

Is Robinhood planning to record XRP?

XRP is thought for its distinctive fundamentals however authorized challenges affected its development. Nevertheless, a partial victory towards the US SEC can carry a bullish impact. In the meantime, there have been rumors of Robinhood itemizing XRP earlier than the top of 2023. 

The present buzz is that if Robinhood lists XRP by the top of the 12 months, it may lead to an enormous rally as a result of its cautious choice course of. The tweeter anticipates sturdy positive factors for XRP within the fourth quarter of 2023. As of now it’s only a rumor and train warning whereas investing. 

Presently, XRP’s value sits at $0.51 with a market cap of $27.1 billion, experiencing a 52.57% change this 12 months. The buying and selling quantity for the final 24 hours has decreased by 11.66% to $1,191,335,454.