XRP Price Falls 10% on the Week as Bullish SEC Hype Fades

Network statistics show that XRP is losing its bullish momentum following last month’s court ruling in the token's securities case. 

The price of XRP has fallen by more than 10% over the last week, according to CoinGecko data.

The token’s bullish price action appears to be finally fading after the groundbreaking court ruling last month in which a U.S. court judge issued a partial ruling in Ripple’s ongoing case with the SEC.

AD

On July 13, New York district court judge Analisa Torres ruled that programmatic sales to retail investors and distributions of XRP to Ripple Labs employees did not constitute the sale of unregistered securities.

Network, market stats suggest XRP cool-off

The seven-day trading volume for XRP reached $3.9 billion following the court ruling, per Coingecko, rising nearly eight times from the week before.

Since then, volumes have been in a consistent downtrend, falling to $1.1 billion in the last week. The derivatives market paints a similar picture.

The open interest (OI) volume for futures contracts surged to a two-year peak of $1.19 billion on July 20, per Coinglass data, a week after the court's ruling.

The OI volumes have fallen consistently since then, with the last reading at press time of $786.1 million.

The open interest volumes for XRP futures. Source: Coinglass

Network activity doesn’t reveal any growth over the past month either.

Source : [XRP Price Falls 10% on the Week as Bullish SEC Hype Fades](decrypt.co/151712/xrp-price-falls-week-bullish-sec-hype-fades) by Nivesh Rustgi - Decrypt by Nivesh Rustgi / August 08, 2023