XRP price is currently experiencing a pullback, testing crucial support levels and facing the risk of further declines if bulls fail to defend these levels.
The ongoing legal battle between Ripple and the SEC is of utmost importance for the short-term and long-term price trajectory, with experts predicting a resolution in the near future.
This week has seen significant pressure on Ripple’s XRP as the overall market grapples with increased volatility. Investors are closely monitoring the price as it nears key support levels. The negative price movement is largely attributed to a broader bearish trend influenced by macroeconomic factors.
Over the past 24 hours, XRP has seen a 1.4% increase in value. However, it has dropped by nearly 7% this week, currently trading at $0.4995.
The coin’s market cap has fallen to $26.6 billion, and further losses could push it out of the top ten cryptocurrencies ranking. Bulls are struggling to reclaim the $0.50 mark, which is seen as a crucial psychological level by many investors.
While external factors like Bitcoin’s price movements play a significant role in XRP’s price trend, the outcome of the Ripple v. SEC case will heavily impact its short-term, mid-term, and long-term trajectory.
Recent developments in the legal case have added to the downward pressure on the digital asset. Ripple’s recent court filing referencing a settlement in a different SEC case has raised hopes for a favorable outcome.
The SEC’s settlement with another crypto project could set a precedent for Ripple’s case, potentially resulting in a positive price rally for XRP. This could also pave the way for an XRP ETF, a Ripple IPO, and collaborations with major companies.
Ripple’s recent partnership with Archax, a regulated digital asset firm authorized by the UK’s Financial Conduct Authority, aims to tokenize real-world assets on the XRP Ledger. This collaboration is expected to bring in hundreds of millions of dollars worth of assets onto the XRPL, solidifying its position in the blockchain space.
Ripple CEO Brad Garlinghouse expressed his excitement about the partnership, highlighting the potential for further growth and development in the XRP ecosystem.