A generally bearish market has weighed down on XRP prices after a landmark victory by Ripple Labs.
Bearish sentiment in the broader market has weighed down on tokens that may were otherwise fueled by positive fundamentals as traders look to take profits on price movements instead of taking a buy-and-hold approach.
Data shows XRP, among the world’s largest tokens by market capitalization, has lost nearly all gains after Ripple Labs’ landmark court ruling over the U.S. Securities and Exchange Commission (SEC) in July.
XRP exchanged hands at 50 cents on Wednesday, down 14% in the past week and 30% over a 30-day period. Price-chart data shows the tokens hit a yearly high of 83 cents on July 20., but Wednesday’s prices are back to levels before the SEC ruling.