The Ripple cryptocurrency ($XRP ) witnessed a sharp decline against Bitcoin ($BTC ), the leading digital currency in terms of price metrics, with Ripple experiencing a significant drop against Bitcoin over the past 24 hours.
Does the court's decision affect the price of #الريبل ?
It is worth noting that Ripple threatens to break the support level of $2 due to its severe volatility in the cryptocurrency market. As of the time of publication, Ripple's price was trading at $2.09, representing a decline of 4.64% during this period. The currency has fallen from its peak of $2.19 to this level, and it seems likely to continue its downward trajectory.
Conversely, the value of #بيتكوين increased significantly by 1.5%, reaching $107,003. This is higher than the overall performance of the cryptocurrency market, which was pegged at 0.9%.
The notable decline in the value of $XRP can be linked to this.
Against Bitcoin by the recent ruling of the US District Court. In a stunning move, Judge Analisa Torres denied a request made by the company #RippleLabs and the US Securities and Exchange Commission (#SEC ) for a declaratory judgment.
According to the ruling, Judge Torres confirmed that the arguments for appeal did not convince the court and she will not amend her final judgment.
This development has raised concerns among some investors, who are now uncertain about the future of XRP. This ambiguity is now reflected in the price of XRP, leading to significant sell-offs despite a trading volume increase of 26.06% to reach $3.29 billion.
How can the resilience of #XRP help?
XRP has proven its resilience throughout most of this year, managing to stay above the psychological level of $2. This current development, which again threatens this vital support, may fade depending on the support of the ecosystem.
For example, there was a recorded increase of 442% in active XRP addresses over the past 48 hours, bringing the total number of addresses to 181,000. This metric indicates growing interest and usage among market participants.
If Ripple announces the next steps in the lawsuit to prove that everything is fine, this could help alleviate the concerns of XRP investors.