Coin World News Report:
XRP falls to $0.40, a 12.24% decrease within 24 hours. The legal lawsuit between Ripple and the US Securities and Exchange Commission (SEC) remains crucial, as the potential outcome will have a significant impact on the future market performance of XRP.
The cryptocurrency market has experienced a significant downturn in the past few days, with the global market capitalization dropping by over 7%.
This decline has had a major impact on XRP, with its value plummeting sharply.
At the time of writing, XRP’s trading price is $0.400692, with a 24-hour trading volume of $2,099,990,889. The token has experienced a 12.24% decrease in the past 24 hours, reflecting a broader market trend.
XRP is currently ranked 7th on CoinMarketCap, with a real-time market capitalization of $22,327,796,369.
XRP: Price Prediction
On July 3rd, when XRP was valued at around $0.46, analyst EGRAG CRYPTO pointed out that the token was approaching a key resistance level, particularly the Fibonacci 1.618 level.
The analyst advised, “If history continues, then we will be looking at $27.”
However, this optimistic prediction contrasts sharply with the current observed downtrend in the market.
One significant factor influencing the future price of XRP is the ongoing lawsuit between Ripple and the US Securities and Exchange Commission (SEC).
This legal dispute began in December 2020, accusing Ripple and some of its executives of conducting unregistered securities offerings 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 the 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 the possibility of a short-term rebound.
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However, the price is still below key exponential moving averages (20, 50, 100, and 200), which may continue to exert bearish pressure unless a substantial reversal occurs.
According to data from XRPSCAN, trading volume significantly increased in late June and early July 2024. However, during these months, payment activity also saw a slight increase, indicating an improved level of user engagement.