XRP, the digital token associated with Ripple Labs, is currently underperforming in the cryptocurrency market as the excitement following the recent favorable court ruling fades.
According to CoinGecko data, XRP has seen a decrease of 5.9% over the last seven days and a 1.5% decline in the last 24 hours. Last month, it rallied an impressive 80% last month after Ripple's partial victory against the Securities and Exchange Commission (SEC).
XRP currently sits at $0.673, significantly lagging behind the BNB token in spite of Binance's legal troubles.
Last month's optimism was spurred by a favorable court ruling for Ripple in its ongoing lawsuit with the SEC. However, the post-ruling euphoria appears to be waning as XRP struggles to gain momentum amidst ongoing legal complexities. The SEC, undeterred by last month's setback, is reportedly preparing to appeal the ruling, adding a layer of uncertainty to XRP's future prospects.
Further dampening the sentiment around XRP, U.S. District Judge Jed Rakoff has dismissed the approach used in last month's ruling in the SEC's case against Ripple Labs.
A disappointing Bitstamp announcement
As reported by U.Today, the cryptocurrency community's anticipation surrounding Bitstamp's major XRP announcement has ended in collective disappointment.
The leading European digital asset exchange unveiled its big reveal today: a permanent 2.0% annual percentage yield (APY) on XRP through Bitstamp Earn Lending.
However, based on the overall sentiment, the much-hyped announcement seems to have fallen flat among the XRP community.