XRP Price Falls 10% on the Week as Bullish SEC Hype Fades

The price of XRP has fallen by more than 10% over the last week, according to CoinGecko data.

The token’s bullish price action appears to be finally fading after the groundbreaking court ruling last month in which a U.S. court judge issued a partial ruling in Ripple’s ongoing case with the SEC.

On July 13, New York district court judge Analisa Torres ruled that programmatic sales to retail investors and distributions of XRP to Ripple Labs employees did not constitute the sale of unregistered securities.

Network, market stats suggest XRP cool-off

The seven-day trading volume for XRP reached $3.9 billion following the court ruling, per Coingecko, rising nearly eight times from the week before.

Since then, volumes have been in a consistent downtrend, falling to $1.1 billion in the last week. The derivatives market paints a similar picture.

The open interest (OI) volume for futures contracts surged to a two-year peak of $1.19 billion on July 20, per Coinglass data, a week after the court's ruling.

The OI volumes have fallen consistently since then, with the last reading at press time of $786.1 million.

Network activity doesn’t reveal any growth over the past month either.

The total number of XRP transactions continues to range around 1.2 million daily, per XRPSCAN data, a level the payment token has maintained for the past year.

XRP was last trading at $0.61, which still represents a market 31.8% higher than the levels before the court ruling.