- XRP loses 17% in four days despite “positive” news.
- Brad Garlinghouse announced that the lawsuit between the SEC and Ripple has ended.
- XRP’s latest price decline disappointed retail investors.
The price of XRP, the cryptocurrency created by Ripple Labs, has declined over the past few days, contrary to many users’ expectations. The cryptocurrency’s price tumbled, losing 17% of its value since last Wednesday after Ripple’s CEO Brad Garlinghouse announced that the case between the SEC and the FinTech firm has ended.
Many crypto analysts consider the recent XRP trend disappointing, considering expectations that ending the case would promote bullish sentiments toward the altcoin and trigger an influx of buyers into its ecosystem. Instead, the digital asset has experienced a significant sell-off, dropping its price from $2.48 to $2.06 in less than four days.
Related Article: Ripple SEC Settlement May Arrive by April, Says Lawyer
Garlinghouse posted a video on X last Wednesday, telling the crypto community that the legal battle between Ripple and the SEC has ended. According to the Ripple CEO, the four-year-long case was doomed even before it started. Garlinghouse considered ending the case as proof that Ripple would be on “the right side of history.”
Despite Ripple’s insistence that it was innocent of the SEC’s lawbreaking allegations, the litigation’s impact on the XRP was significant. The cryptocurrency’s price stalled amid massive crypto adoption and soaring prices of its counterparts like Bitcoin and Ethereum. Therefore, many retail crypto traders believed ending the case would be a significantly bullish signal for XRP.
Related Article: XRP Rebound Potential: Ripple SEC Case Breakthrough Trump’s Crypto Mention Spark Price Recovery Hopes
In the meantime, it may be too early to conclude how ending the case would affect XRP’s price. According to reports, Ripple and the SEC agreed that the FinTech company would pay a $50 million fine instead of the originally proposed $125 million. Most crypto users consider the condition a win for Ripple and a positive sign for things to come.
XRP has recovered slightly from the recent decline and traded for $2.18 at the time of writing, reflecting a 6.3% surge from the recent low, according to data from TradingView.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
