Examining XRP Price Action After Attaining Non-Security Status

Lately, there have been fervent discussions within the XRP community regarding XRP’s year-over-year lackluster performance despite its legal clarity.

Differing opinions are emerging, with some arguing that XRP’s lawsuit played no pivotal role in impeding its price.

XRP Price Action After Clearance as a Non-Security

Recall that on July 13, U.S. District Judge Analisa Torres declared that XRP in itself is not a security. Having been entangled in a legal battle for almost three years, the court’s validation was perceived as a crucial development.

According to CoinMarketCap data, XRP experienced a nearly twofold increase, soaring from the opening price of $0.4711 to $0.8777 within a 24-hour period. Furthermore, XRP achieved its highest point for the year, reaching $0.938 on crypto exchanges following the ruling.

However, the weeks that followed the decision saw XRP’s value regressing. In particular, XRP tanked below $0.471 eight weeks after the victory decision. Note that this was XRP’s range before the court judgment. 

Following the decline, XRP has struggled to regain its footing despite wielding a unique position as the only digital asset with legal and regulatory clarity in the United States.

Merely a Pump-and-dump?

This situation has promoted some prominent XRP figures to challenge the accuracy of the view that the protracted lawsuit restrained XRP’s growth trajectory.

For instance, pro-XRP legal expert Bill Morgan contended that the price dynamics following the legal clarification further weakened the assumption that the lawsuit was a hindrance. 

The lawyer’s point is that many anticipated a surge in XRP’s value after a favorable verdict due to the prevailing assumption. However, XRP failed to continue the bullish surge even after the said bottleneck became absent. 

As a result, Morgan characterized the uptick observed following the ruling as a pump-and-dump scheme. 

Besides, he stated that the prevailing assumption has consistently clashed with expert testimonies. Put differently, Morgan claimed experts have repeatedly established that XRP’s movements align more closely with the overall market, in bull and bear.

XRP Performance Compared to Other Top Coins

Since July, Ethereum has experienced a substantial increase, climbing from a low of $1,552 to a peak of $2,370, reflecting a growth rate of 52.72%. Similarly, Solana demonstrated remarkable growth, surging by 307% from $18.94 to $77 during the same period.

Likewise, Cardano witnessed a significant uptick, moving 157.8% from $0.2452 to a high of $0.6323.

Conversely, XRP followed a different trajectory, rising from $0.47 to $0.93 within the same timeframe, driven primarily by legal developments. However, it has since retraced to approximately $0.62.

This highlighted performance gap has given rise to the pro-XRP lawyer’s submission:

“Relative to most top 10 coins, it [XRP] has performed poorly since the greatest decision for a crypto token in US legal history.”