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Headline : Ripple’s XRP Plunges as SEC Brief Stokes Legal Woes

Read more from the original article on here at ng.investing.com.





Tags : #ripples #xrp #plunges #sec #brief #stokes #legal #woes


No. of Paragraph 18

In the preceding 24 hours, the cryptocurrency landscape has endured a notable slump, contracting by over 1.5% to establish a market valuation of $2.3 trillion. This dip has particularly taken its toll on Ripple’s XRP token, which hovers precariously near the $0.52 threshold. As of press time, XRP is trading at $0.5217, marking a 2.99% reduction from its previous day’s valuation.

The downturn extends beyond XRP’s price to affect its overall market performance. In relation to Bitcoin, XRP has diminished by 1.65% over this same stretch of time. Further insights into XRP’s market behavior reveal a significant contraction in trading activities.

XRP’s intraday market cap has fallen by 2.56%, landing at $28,866,077,273. More dramatically, its 24-hour trading volume has plummeted by 36.70%, reaching just $1,165,822,641. These figures suggest a withdrawal of investor engagement, with many likely securing profits amid the market’s downward trajectory.

A recent brief from the Securities and Exchange Commission (SEC) appears to be the root cause of Ripple’s XRP woes. According to reports, the SEC dismissed Ripple’s assertion of responsible conduct, declaring that there shouldn’t be “widespread uncertainty” regarding the legal classification of XRP. The court had previously overruled Ripple’s “fair notice” defense, casting a long shadow over XRP’s recent price slide.

Read more from the original article on here at ng.investing.com.


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