Alex Dovnya
Despite regulatory clarity, XRP significantly underperforms against Bitcoin
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The virtual currency XRP, owned by Ripple, is currently on track to record a deficit for nine consecutive months against Bitcoin, the main cryptocurrency.
Since Ripple won a partial legal victory against the US Securities and Exchange Commission last July, XRP is currently down 72% against the crypto king.
The token reached its current high of 0.00025 BTC in May 2017. It is now down a shocking 97% from that peak.
As reported by U.Today, U.S. District Judge Annalisa Torres partially sided with the San Francisco-based company, ruling that the controversial secondary sale of its tokens did not constitute an offering of securities. It was ruled that no. This ruling caused a significant increase in the price of XRP, but it was short-lived.
In October, Ripple's top lawyer Stuart Alderroti was popular XRP holds a unique position in the US as it is the only cryptocurrency (apart from Bitcoin) that boasts regulatory clarity in the US.
Ripple has not yet resolved the issue. Last year, Judge Torres also ruled that Ripple violated securities offerings by selling XRP to institutions.as U.Today reported, the SEC is demanding that Ripple pay a hefty fine of $2 billion. However, Ripple wants to reduce that huge amount to just a fraction. 10 million dollarsargued that the company was not in reckless disregard of securities laws because it was actively engaging with U.S. regulators.
It remains to be seen how the future development of the Ripple incident will affect the XRP price. But so far, the token's newfound regulatory clarity has not translated into meaningful price increases.
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Alex Dovnya
