XRP trading made up nearly 50% of all volumes on Korbit, a prominent local exchange.
Holders are taking short-term profits at the widest margin in more than a year, CryptoQuant analysts said.
If the court rules that XRP is a security, it would mean the same for other alternative cryptocurrencies (altcoins) and subject them to stringent supervision. The market, however, expects Ripple to win after CFTC on Monday classified bitcoin as commodity.