• The price of Ripple’s native coin XRP has dropped by 30% in the last two months due to the recent drop in the cryptocurrency market and the long-awaited decision in the Ripple v. SEC lawsuit.
• The price of XRP has rebounded a little because the crypto whales have accumulated a substantial amount of XRP due to the Ripple v. SEC litigation’s upcoming positive outcome.
• The long-awaited decision in the Ripple v. SEC lawsuit is expected to be made, which might be the biggest factor driving up the price.
The cryptocurrency market has been in a state of flux in the past few months, with the price of Ripple’s native coin XRP suffering a significant drop. XRP has been flashing red and has remained well-offered around the 0.3366 level, and the token has been under heavy selling pressure. In the past two months, the price of XRP has dropped by a staggering 30%, with the recent drop in the cryptocurrency market and the long-awaited decision in the Ripple v. SEC lawsuit being the main reasons for the decline.
Nevertheless, XRP has been able to hold above the substantial support levels but has been unable to consistently conquer the critical resistance. This indicates that the bears might target sub-$0.33 on the US stats and SEC v Ripple uncertainty. The declines seem to be fading, however, with the price of XRP having rebounded a little because the crypto whales have been accumulating a substantial amount of XRP due to the Ripple v. SEC litigation’s upcoming positive outcome.
The long-awaited decision in the Ripple v. SEC lawsuit is expected to be made, which might be the biggest factor driving up the price of XRP. This could provide the necessary momentum to push the token price above the critical resistance, resulting in a sharp increase in the buying volume. Despite the recent uncertainly, the XRP coin is expected to show strong growth in the future as the Ripple network continues to develop and expand.
For now, investors should be prepared for a period of volatility in the price of XRP, as the circumstances that could influence the entire cryptocurrency market are still uncertain. It is also important to note that the outcome of the Ripple v. SEC lawsuit will have a significant impact on the future of the XRP coin, and investors should be mindful of this risk when deciding whether or not to invest.