Riding the latest price bullish trend, XRP has achieved a massive feat by overtaking BNB to claim the coveted spot of the fourth largest cryptocurrency by market cap.
Encouraged by the recent insecure ruling after Ripple Labs’ uphill legal battle against the Securities and Exchange Commission, XRP’s value has skyrocketed to new heights, and its popularity has seen a significant rise.
according to A recent tweet by LunarCrushXRP has proudly topped the list of platform trends, cementing its growing appeal within the crypto community. This widespread recognition has undoubtedly contributed to XRP’s recent success.
But the looming question now is whether this newfound popularity will be enough to maintain its place in the cryptocurrency market hierarchy.
Current top ten searches on https://t.co/Ye6Yvoh7kQ
1️⃣ $xrp
2 ️⃣ Baby Dollar
3 ️⃣ $sib
4 ️⃣ ftm dollars
5 ️⃣ $btc
6 ️⃣ $eng
7 ️⃣ $ matic
8 ️⃣ $ color
9 ️⃣ $ here
🔟 $dydx pic.twitter.com/8n3kONT4Th– LunarCrush (LunarCrush) July 22, 2023
Ripple’s Partial Win Sparks Excitement But XRP Faces Pullback
After Ripple’s partial fiat victory, XRP holders were elated, driving the altcoin to a local peak of $0.9375. However, sentiment has taken a hit at the moment and XRP price action has turned bearish as the coin is currently trading at $0.700 on the day. Koenjikorecording a 24-hour decline of 5.5% and a seven-day decline of 3.9%.
XRP red in all timeframes. Source: Coingecko
newly XRP price report It highlights the bearish nature of the token’s daily chart. Notably, the Chaikin Money Flow (CMF) indicator registered a decline, which indicates a decrease in buying pressure. Similarly, the Money Flow Index (MFI) also indicated a downward trend.
XRP price performance in the last week. Source: Coingecko
Overall metrics are also not favoring XRP, as the MVRV ratio has seen a sharp decline over the past few days. Moreover, the growth of the XRP network has decreased, which means a decrease in the creation of new addresses for transferring the token.
The Saudi Electricity Company is appealing the judge’s decision in the Landmark Crypto case
A recent report by Bloomberg revealed that the Securities and Exchange Commission (SEC) is about to appeal the ruling handed down by Judge Annalisa Torres in a significant crypto case. The oversight institution believes that the judge misjudged them and intends to appeal the decision.
XRP market cap currently at $36.6 billion. Chart: TradingView.com
The SEC presented its argument, asserting that the court failed to adequately consider the evidence presented by the regulator during the case. In addition, they claim that the court did not apply the relevant laws appropriately to the facts before it. This has prompted the SEC to take action to correct what they consider to be an incorrect ruling.
The main issue is whether Ripple Labs should register its XRP token as a security with the SEC. The regulator maintains that if Ripple Labs is allowed to continue operating without registering the XRP token as collateral, it could harm investors.
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Featured image from CryptoTicker
