The long standing legal battle between the Securities and Exchange Commission (SEC) and Ripple reached its apparent conclusion after Brad Garlinghouse announced on March 19 that the agency would ‘drop the case’, causing an immediate surge in XRP’s market capitalization.
To be more precise, March 19 saw the token’s market cap skyrocket from $132.66 billion to $148.63 billion. The 12.03% surge was short-lived, however, as the ensuing market-wide downturn proved stronger.
By press time on March 31, XRP’s market capitalization had receded to $122.53 billion, for a total loss of $26.1 billion since the announcement.
XRP market cap charts. Source: CoinMarketCap
What’s more, the downturn might very well continue — at the time of publication, XRP was changing hands at a price of $2.10, marking a 2.32% decline on the daily chart that has brought weekly losses up to 14.60%.
At present, the digital asset is barely in the green on a year-to-date (YTD) basis, effectivel
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