Forecast for XRP coin price
In our comprehensive article we highlight the latest developments around the XRP course . We analyze the impact of the SEC lawsuit on Ripple Labs and how it affects XRP price.
SEC lawsuit against Ripple Labs
In December 2020, the SEC filed a lawsuit against Ripple Labs and its two top executives, alleging that XRP is actually a security and the company raised more than $1.38 billion through an unregistered securities offering in 2013 . This caused significant turbulence in the market. Some crypto exchanges removed XRP from their list, some wealth managers sold their tokens. XRP lost its place as the third largest currency by market cap. In the short term, it even looked like the cryptocurrency could drop out of the top 10.
XRP price recovery and recent litigation developments
But reports of Ripple’s demise have been greatly exaggerated. By mid-April, XRP was up 532 percent compared to the previous 12 months, and things also recently took a favorable turn in the SEC litigation, with defendants winning two discovery decisions – even gaining access to the internal memos and SEC Minutes Regarding Crypto Discussions.
Future challenges and outlook for the Ripple cryptocurrency
Despite these victories, the legal battle is far from over. The SEC still has a large role in regulating US exchanges and other companies, and if a cryptocurrency has a point of contact within the US, the SEC can argue that it can assert its jurisdiction. Investors should carefully consider these factors and adjust their investment decisions accordingly. As always, it is important to do thorough research and adopt a diversified investment strategy.
Technical analysis on XRP course
The current trading price of XRP is around $0.4805. That’s down about 2.65 percent over the past 24 hours. Despite the recent fluctuations, Ripple maintains its strong position. The market capitalization is around 21.82 billion USD.
XRP technical analysis shows interesting trends. Ripple has seen increased volatility over the past few days. This indicates increased trading interest. Despite the recent price drop, solid support remains at the $0.45 level. This could indicate that the bulls are in control of the market.
There is resistance at around $0.50. If XRP can break this resistance, it could indicate an uptrend. A failure, however, could lead to further sales. This could result in a test of support at $0.45.
It is also important to note that recent on-chain data shows that a large number of XRP holders are still in the red despite the recent price surge. This could lead to increased selling pressure if the price rises as these holders may try to cut their losses.
Final conclusion on the current XRP Coin price development
Recent developments on Ripple have been mixed. On the one hand, the recent price spike has revived interest in XRP and technical analysis shows that the bulls are still in control of the market. On the other hand, on-chain data shows that many Ripple holders are still in the red, which could lead to increased selling pressure.
Investors should carefully consider these factors and adjust their investment decisions accordingly. As always, it is important to do thorough research and adopt a diversified investment strategy.