After reaching a high of $1.60 last month, XRP is now trading for around $0.85.
Against the backdrop of an uncertain future in regards to its ongoing lawsuit against the SEC in the US, XRP’s price has seen a steady decline since making higher lows last month.
XRP’s all-time-high was reached back in the last bull run when it was valued at $3.40 at the beginning of 2018. This represents a decline of 75% since its peak. However since XRP’s launch back in 2014, the coin is 31,545% against today’s prices.
There has also been a small bump in XRP’s trading volume by around 1% — which may have led to the price hike of around 1%.
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What is XRP?
XRP aims to provide cross-border payments to financial institutions, such as banks, that need to convert one currency to another. Despite this, the project’s developers have faced legal action from the SEC, who claim that despite its use case, the token has been used as a security rather than a cryptocurrency.
This led a good number of exchanges to delist the project, leading to its price decline. However, since then the project has made a comeback and still retains a top 10 spot by market cap.