The crypto market’s bearish sentiment is said to have had a negative impact on tokens. One such token is XRP, one of the largest tokens in the world by market capitalization, which has lost almost all of its gains following Ripple Labs’ landmark U.S. Securities and Exchange Commission (SEC) court ruling in July.
XRP price reached 50 cents
On Wednesday, XRP reached the 50 cent mark, which is 14% lower in the past week and 30% lower in a month. It is noteworthy that the token had hit an annual high of 83 cents on July 20, but on Wednesday prices fell to pre-SEC ruling levels.
Experts tend to believe that if sentiments were positive for this token, it could be a boost. Traders would then have tried to take profits and not take the buy-and-hold approach. But the latest ruling has negatively affected the price of the coin.
In 2020, the SEC filed a case against Ripple for selling unregistered securities. Ripple is known to keep its distance from XRP, but because of the XRP ledger network and the token powering some of its products, any progress on the matter will affect XRP prices.
Is Robinhood planning to list XRP?
XRP is known for its exceptional fundamentals, but legal challenges have impacted its growth. However, a partial victory over the US SEC could have a bullish effect. Meanwhile, there are rumors that Robinhood would release XRP before the end of 2023.
Current rumors are that if Robinhood lists XRP by the end of the year, it could lead to a huge rally due to the careful selection process. The tweeter expects strong gains for XRP in the fourth quarter of 2023. Currently, they are just rumors and be careful when investing.
Currently, the price of XRP sits at $0.51 with a market cap of $27.1 billion, a 52.57% change this year. Trading volume over the past 24 hours is down 11.66% to $1,191,335,454.