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XRP price exploded in mid-July 2023 after Ripple saw a partial victory in a case against the SEC. The coin skyrocketed from $0.473 to $0.8207.
Since then, the price has dropped significantly, albeit slowly over time. As of August 4, the XRP price dropped to $0.65. It still sits above its value from before the surge, but the hype is slowly dying down.
In fact, the coin has lost 25% of its value in the last few weeks. The decline is not unusual, given that the crypto industry has struggled to maintain prices in the last two weeks.
Bitcoin itself has seen a price drop, although it managed to return above the $29k level.
Despite XRP’s price drop, the asset climbed up and became the 5th largest digital currency by market cap. At the time of writing, XRP’s market cap sits at $34.9 billion, with a $1.1 billion daily volume.
Despite the height of the 24h volume, the figure is actually 20% lower than 24 hours ago.
XRP will likely continue following the market since the lawsuit-related hype is all but gone now.
However, some analysts believe that the price might seem like a heavy pump. It is now near major Fibonacci support levels, and if the support holds, the price could rise soon.
SEC’s crypto conflict details come to light, revealing bias against Ripple
The SEC’s case against Ripple, its officials, and XRP itself has been a topic for the last two and a half years.
However, it received more attention than ever now that the case is freshly concluded. Despite this, new breaking developments were recently seen, revealing fascinating information.
Specifically, Empower Oversight has been pushing the SEC to be more transparent. The regulator finally gave in by publishing a trove of documents.
Upon inspection, they revealed a potential conflict of interest surrounding the SEC’s crypto-related decisions.
Just went through the @EMPOWR_us @JsnFostr SEC FOIA documents and the obvious question is:
Why was Bill Hinman doing backflips to accommodate @ethereumJoseph and @VitalikButerin while at the same time giving @bgarlinghouse the run-around with the help of Jay Clayton and even…— Digital Asset Investor (@digitalassetbuy) August 3, 2023
The documents show that the SEC was much more accommodating regarding Ethereum and its significant figures than Ripple.
Another exciting revelation came from crypto analyst Mr. Huber. Huber discovered that five years ago, in 2018, the SEC met with Ripple’s top executives.
The goal of the meeting was to discuss Ripple’s operations and technology. The topic of whether or not XRP was security briefly came up, only to be quickly dismissed by the SEC.
Mr. Huber indicates that the SEC was much more interested in Ripple’s business and technology.
Bill Hinman and Jay Clayton didn't want to talk with Ripple about the securities status of xrp, only about Ripples technology and business. That SEC chairman and director were not only bribed to give Ethereum a regulatory monopoly, they also did economic espionage for ConsenSys a… pic.twitter.com/yGQUTbiWbs
— Dr. Huber🔥🦅🔥 (@Leerzeit) August 4, 2023
Ripple’s case against SEC already impacting Binance’s trial
After XRP won its partial victory against the SEC, many wondered whether this might impact future cases and trials in the industry.
The answer is already becoming apparent, as US Judge Amy Berman Jackson denied a motion to intervene in the SEC’s enforcement action against Binance, filed by Eeon.
Judge Jackson cited the SEC vs Ripple case, preventing private cross-claims, counter-claims, and third-party claims to SEC enforcement actions.
XRP20 presale almost at $500k
With the XRP price dropping alongside the hype about its victory, many are considering turning to the new XRP20 token, launched on Ethereum.
The XRP20 token seeks to reignite the XRP army’s passion by allowing them to buy a different version of XRP.
The token is available for $0.000092 per XRP20, and it has already raised $477.8k, closing in on half a million.
Users can purchase XRP20 in exchange for ETH or USDT. The sale will remain open until the project hits its soft cap of $1.85 million.
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