CoinDesk Report:
XRP dropped to $0.40, a 12.24% decrease within 24 hours. The ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission remains pivotal, with potential outcomes likely to significantly impact XRP’s future market performance.
The cryptocurrency market has seen a sharp decline in the past few days, with global market capitalization dropping by over 7%.
This downturn has had a significant impact on XRP, causing a sharp decrease in its value.
At the time of writing, XRP is trading at $0.400692, with a 24-hour trading volume of $2,099,990,889. The token has dropped by 12.24% in the past 24 hours, reflecting broader market trends.
As of the time of publication, XRP ranks 7th on CoinMarketCap, with a real-time market capitalization of $22,327,796,369.
XRP: Price Forecast
On July 3rd, when XRP was valued at around $0.46, analyst EGRAG CRYPTO noted that the token was approaching a key resistance level, particularly the Fibonacci 1.618 level.
The analyst suggested,
“If history aborts midway, then we set our eyes on $27.”
However, this optimistic forecast sharply contrasts with the current observed downward trend in the market.
An important factor affecting XRP’s future price is the ongoing litigation between Ripple and the U.S. Securities and Exchange Commission (SEC).
This legal dispute, initiated in December 2020, accuses Ripple and some executives of conducting an unregistered securities offering through the sale of XRP tokens.
The outcome of this case will have a significant impact on XRP’s market performance. A favorable resolution for Ripple could lead to an increase in XRP’s price.
Technical Analysis
Indicators such as Moving Average Convergence Divergence (MACD) show a bearish momentum, while the Money Flow Index (MFI) and Relative Strength Index (RSI) are at 16.83 and 17.98 respectively, indicating oversold conditions.
This suggests a potential for short-term rebound.
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However, prices remain below key moving averages (20, 50, 100, and 200), potentially exerting bearish pressure unless a substantial reversal occurs.
According to XRPSCAN data, trading volumes increased significantly in late June and early July 2024. However, payment activity has also seen a slight increase over these months, indicating heightened user engagement.
