The uptick that XRP received from Judge Analisa Torres’ July ruling, in which she said that XRP is not a security when sold to retail customers, seems to have waned. After the court ruling partially in favor of Ripple’s native coin, XRP had shot up to over $0.82 from around $0.47, media reports said.
The XRP price is $0.52 at the time of writing, nearly 44% down from its 30-day all-time high. On August 18, it touched $0.48, close to pre-verdict levels.
XRP falling back to the levels from where it took a sharp rise last month is part of the bearish sentiment seen across the crypto market, in which BTC has dropped 11.70% and ETH 9.59% from its 7-day all-time high.
The XRP could not sustain investors’ enthusiasm seen after the court ruling partially in its favor, which could be because of the SEC’s intention to appeal Judge Torres’ ruling. SEC has already requested the judge to appeal her decision as it might impact other ongoing cases related to cryptocurrencies.
The Ripple Vs. The SEC case has been one of the most protracted and keenly-watched legal battles in the cryptocurrency market.
Reacting to SEC’s decision to appeal the court ruling, Ripple’s CTO David Schwartz said that Ripple would want both sides to go to appeal when the court has finished giving the final verdict.
