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⚛️ Examining XRP Price Action After Attaining Non-Security Status
The XRP community has been abuzz with discussions surrounding XRP's performance post the declaration of its non-security status. Despite legal clarity, XRP's year-over-year performance has raised questions and varying opinions.
Legal Clarity and Initial Surge 🚀
- On July 13, U.S. District Judge Analisa Torres affirmed XRP as not a security, ending a prolonged legal battle.
- CoinMarketCap data reflects a significant surge, with XRP doubling from $0.4711 to $0.8777 within 24 hours. The token reached its yearly high at $0.938 post the court ruling.
Subsequent Regression 📉
- Post the victory, XRP faced regression, dropping below $0.471 eight weeks after the decision—a level reminiscent of its pre-verdict range.
- Despite being the only digital asset with U.S. legal clarity, XRP struggled to regain ground in the following weeks.
Pump-and-Dump Allegation 🔄
- Pro-XRP figure Bill Morgan challenges the notion that the lawsuit hindered XRP's growth, labeling the post-verdict uptick as a pump-and-dump scheme.
- Morgan argues that the assumed surge post-verdict didn't materialize, and XRP's movements align more with market trends, contradicting the prevailing assumption.
XRP vs. Top Coins Performance 📊
- Ethereum and Solana experienced substantial growth, with Ethereum rising by 52.72% and Solana surging by 307% post-July.
- Cardano witnessed a notable uptick of 157.8%.
- In contrast, XRP followed a unique trajectory, rising from $0.47 to $0.93 post-verdict but retracing to around $0.62 subsequently.
## Pro-XRP Lawyer's Verdict ⚖️
- The performance gap relative to top 10 coins prompts the pro-XRP lawyer to assert that, "Relative to most top 10 coins, it [XRP] has performed poorly since the greatest decision for a crypto token in US legal history."
In conclusion, the journey of XRP post-legal clarity reveals a nuanced narrative, with debates on its market behavior and a unique trajectory compared to other top cryptocurrencies. 📉🚀
