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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.

 

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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.

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Sophia Cruz
Financial Writer - Asian & European Desks
Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.
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