Sep 5, 2023

XRP, which is among the world’s largest tokens by market capitalization, has lost nearly all of its July gains in August, despite robust trade volume.

Video transcript

The chart of the day is brought to you by crypto dot com. The world's fastest growing crypto app. Let's take a look at the chart of the day. Data from Cicco shows XRP one of the world's largest tokens by market cap lost nearly all of its July gains in August. A US judge ruled in July that while Ripple's direct sales of XRP to institutional investors violated securities law. Its programmatic sales to retail investors through exchanges did not. The SEC had sued Ripple in 2020 alleging that the firm was selling unregistered securities in XRP. RP is currently exchanging hands around 50 cents down nearly 20% over a 30 day period. Price chart data shows the tokens hit a yearly high of 83 cents on July 20th. But now prices are back to levels seen before the SEC ruling in a new filing on Friday. Ripple argued that the SEC has not made enough of a case to warrant an appeals court intervention. That's it for today's chart of the day. I'm Jenna and we'll see you next time to unpack more of the data behind top news stories.

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