Ripple (XRP) Hits New Low – What’s Causing The Downtrend?
While the SEC vs. Ripple legal battle is ongoing, Ripple’s native token XRP have been having a hard time pumping its price and is about to hit an all-time low.
Yesterday, XRP price plummeted to $0.53 but quickly recovered to $0.54. Although XRP price is 0.87% lower in the past week, its resistance level only ranges from $0.53 to $0.56. So what’s causing the dip?
As the SEC vs. Ripple case enters a new crucial phase, it also signifies a notable progression in its legal proceedings with deadlines shaping the situation of the case. The next upcoming months will be the most crucial as it involves opposing motions, submission of final revisions, and determining Ripple’s penalty for the alleged institutional sales of XRP that could possibly put a closure in this legal battle.
Moreover, investors and experts keeps an eye on Ripple’s movement. Despite its current performance, XRP is still in the race. Even if it goes down even further, it might test the 23.6% fibonacci level at $0.5219.
Meanwhile, market analyst Dark Defender also foresee that Ripple could surge up to $2 once it surpasses the $0.66 mark. As highlighted in an X post, the debates have been circulating around how Ripple distributes XRP, especially focusing on On-demand Liquidity and programmatic sales, which are transactions showed on public exchanges.
This means that a price surge to $2 would take Ripple (XRP) closer to its all-time high of $3.84 in 2018.
Ripple (XRP) is currently trading at $0.5459, 0.89% up in the last 24 hours. XRP remains in the #6 spot, with a total market cap of $29.77 billion.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals