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.

According to data, XRP, one of the globally significant tokens in market capitalization, has experienced an almost complete loss of its previous gains following Ripple Labs’ significant legal ruling against the U.S. Securities and Exchange Commission (SEC) in July.

On Wednesday, XRP was traded at 50 cents, reflecting a 14% decrease over the past week and a 30% decline over 30 days. According to price-chart data, the tokens reached a peak of 83 cents on July 20th, but the prices on Wednesday have retreated to levels observed before the SEC’s ruling.

In 2020, the SEC filed a lawsuit against Ripple, claiming that the company had sold unregistered securities. Ripple has traditionally kept a separation between itself and XRP, the token fueling certain of its products and the XRP Ledger network. However, any developments in the ongoing legal case significantly influence the prices of XRP.

But in July 2023, a U.S. judge ruled that the sale of XRP tokens on exchanges did not constitute investment contracts, putting a pause on one of the longest and most controversial legal cases in the crypto market.