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XRP Tumbles 8%, Erasing Price Gains from ‘Hinman Emails’ in Ripple Lawsuit
The token fell to as low as 46.18 cents, its lowest level this month, as crypto markets sold off Wednesday afternoon.
Updated Jun 15, 2023, 3:35 p.m. Published Jun 14, 2023, 10:36 p.m.
XRP prices tumbled 8.5% in a day, dropping the most among the largest cryptocurrencies, as digital asset markets suffered a sudden sell-off Wednesday.
The token fell to as low as 46.18 cents, its lowest level this month, according to CoinDesk Indices data. XRP’s price hit almost 56 cents on Tuesday, as traders bet that a much-anticipated document release related to an on-going lawsuit between payment firm Ripple Labs and the U.S. Securities and Exchange Commission (SEC) could send XRP higher.
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Read more: Why William Hinman’s Emails Matter to the XRP Army and the Crypto’s Price
XRP’s sharp downturn happened as bitcoin (BTC) and ether (ETH), the two leading cryptocurrencies by market capitalization, lost key price levels Wednesday afternoon after the Federal Reserve’s latest interest rate decision. Despite the Fed pausing its rate hike campaign after 14 months, an event most traders thought would be bullish for prices, BTC and ETH dropped below $25,000 and $1,700, respectively, to 3-month lows.
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The SEC sued Ripple in 2020 alleging that the firm sold unregistered securities, namely XRP. Ripple, however, historically has distanced itself from the token, which powers some of its products and the XRP Ledger network.
XRP rallied earlier this week amid the release of emails from William Hinman, former director of SEC’s Division of Corporation Finance. Optimistic traders bet that Hinman’s speech would underscore SEC flawed reasoning for deeming the token a security, pointing to a favorable outcome for Ripple Labs in its on-going lawsuit between the firm and the SEC.
Speculation about the lawsuit’s end have occasionally spurred enthusiastic XRP price predictions. “Currently, we observe huge speculative narratives around Ripple, which could potentially lead to a significant price increase for XRP in the next three to four months, pushing its value to anywhere between $10 and $30,” crypto hedge fund manager Thomas Kralow said in a note earlier this week.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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