The broader digital currency ecosystem is wriggling out of the sustained bearish plunge that was recorded over the past two days. While the combined digital currency market capitalization is down by 1.16% to $1.05 trillion, the contributions of XRP to this downtrend as one of the leading altcoins is most notable. The coin has slipped by as much as 19% in the trailing seven day period to $0.5052, per data from CoinMarketCap.
The market slump of the past week has been encompassing, and XRP holders recorded a loss on almost all the gains the positive XRP ruling of the past month has helped stir in the digital currency. With the current outlook, XRP bulls require a more defined trigger to retest the more than 70% growth rate recorded when the ruling went public.
With the fate of XRP still very much intertwined with the lawsuit between Ripple Labs Inc. and the United States Securities and Exchange Commission (SEC), the positive moves of the blockchain payments firm can go a long way toward fueling new growth triggers in the coin.
With the SEC filing its appeal motion yesterday as directed by Judge Analisa Torres, the response from Ripple Labs will go a long way toward determining whether or not XRP bulls will activate their interest in stacking up the coin in the midterm.
Fate of XRP in Ripple v. SEC lawsuit
That the sales of XRP are investment contracts when traded on secondary marketplaces remains the bone of contention in the Ripple v. SEC case to date.
Industry experts have noted that the affirmative ruling from Judge Torres has come to stay and that any form of appeal from the SEC will have no significant effect on how XRP is traded on exchanges. This solidifies the fate of XRP in the U.S. and can spell a new era for the coin amid a broad-based listing from top crypto trading platforms in the country.