XRP prices have faced extended bearish pressure resulting in an over 2% drop on Friday. The pressure that has mounted due to dampened sentiments around the Ripple vs The SEC case has hurt the price of the once widely chosen token for the past three months.
Ripple VS SEC Case Drags XRP Prices
At present, investors are waiting for the court’s decision regarding Ripple’s required payment for violating US securities laws. The SEC is requesting an injunction to prevent the sale of XRP to institutional investors and a $2 billion penalty, therefore the decision might have a big impact on the coin in the future.
Plans for the Ripple company to grow in the US may be halted by this injunction. Additionally, buyer demand for XRP will be impacted by the court’s decision. XRP’s past trading in the three months shows a correlation between the prices of the coin and the SEC case update. In April, the token took a huge dip due to the then development in the case.
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XRP Price Drop Raises Concerns About Future Trading
The popular token for international money transfers, XRP, dropped below $0.5 and was seeking support at $0.47 to find a buyer. Investors will likely become more anxious as XRP’s values are expected to plummet much further amid the SEC controversy. Alongside the SEC controversy, a broader weakness in the crypto markets has kept XRP under difficult trading situations.
Taking multiple angles into consideration, XRP’s price is likely to stay at its support level of $0.47 in the short term. But if bullish cues enter the investor realm, XRP is likely to climb in the coming days.
By July 21, 2024, the price of XRP is expected to increase by 20.71% to $ 0.59203, if the bullish scenario does come to play. Many technical indicators indicate that the current mood for the token is bearish, and the Fear & Greed Index is currently reading 63 (Greed).
Over the previous 30 days, XRP had 13/30 (43%) green days and 3.65% price volatility. According to data, there is a general bearish sentiment for the price prognosis of XRP, with 26 technical analysis indicators indicating bearish signs and 3 positive signals.
