The crypto token XRP (CRYPTO: XRP) is falling on Monday. As measured from Friday at 4 p.m., XRP is down 15.7% as of 12:50 p.m. ET and was down as much as 16.5% earlier in the day. The drop comes as the S&P 500 lost 2.

The Ripple (XRP) token caused investors to remember the crypto market’s well-known nature for dramatic price surges when it rose from $0.5 to $3.4. XRP climbed from its initial value of $0.5 to achieve $3.

XRP price stabilizes above $2.10 while facing a major $297M bearish hurdle at $2.70, even as network activity reaches record highs.

In 2020, the SEC sued Ripple, alleging that it had violated securities laws when it issued XRP. The unresolved suit depressed XRP's price as investors waited to see how the litigation would progress. Last year, a judge ruled mostly in XRP's favor and fined Ripple $125 million, a relatively small punishment.

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XRP tumbled and other cryptocurrencies were also under pressure Monday as traders digested President Donald Trump’s latest policy measures. XRP, which is used to settle and facilitate transactions on Ripple Labs’ digital-payments platform,