Ripple Price Analysis: No Signs Of Recovery For XRP As Price Is Still Extremely Bearish
The negative effect of the legal lawsuit filed by the United States Securities and Exchange Commission (SEC) on the San Francisco-based blockchain payments firm Ripple and its native digital currency XRP is not cooling down. As the company is in a legal fight with the SEC, its native cryptocurrency is being ditched by various digital currency exchanges and firms. Several minor digital currency exchanges have delisted XRP from their trading platform. The Luxemburg-based cryptocurrency exchange Bitstamp has also announced to halt the trading and deposit of the fourth-ranked digital currency on its platform. It has become the first major cryptocurrency exchange to suspend the trading of XRP.
This announcement of the Bitstamp exchange was a massive shock for the company. Over this news, the price value of XRP witnessed a massive price drop which led the coin to go into the bearish zone where it is currently trading at the moment.
Price Analysis – Price Is Down Over Daily And Weekly Basis
At the beginning of this week, the Securities and Exchange Commission sued Ripple and filed a lawsuit against it for allegedly conducting the sale of $1.3 billion worth of unlicensed securities. This impacted the bullish run of the fourth-ranked digital currency and initiated the fall of the coin. Since that time, the price value of the coin is dropping continuously and now, it is completely in control of bears.
The price of XRP went as down to the $0.27 level. Cryptocurrency analysts even predicted that the value can go as low as $0.20. At the moment, the price value of XRP is trading down on a daily as well as weekly basis. At the time of writing, XRP is trading at around $0.30 with a negative change rate of more than 18 percent in the last 24 hours. While on the other hand, it is down by more than 48 percent over a weekly basis.
Currently, it seems that there is no sign of recovery for the major digital currency as the price is trading extremely bearish. But it needs to hold onto the support level of $0.30 to avoid any further price drop.
The Role of Artificial Intelligence in Crypto Trading
90% of Business Leaders Believe Crypto to Have Significant Impact on the Business, Ripple Reports
XRP Records Inflows While Investment in Crypto Goes Down by $232 Million
Lawyer John E. Deaton Says XRP Holders were Always Right as He Posts a Key Footnote
10 Best Crypto Auto Trading Platforms : Reviewed for 2023
Recent Press Release
5 Easy Loans to Get Approved For
Easy-to-approve loans are usually available within minutes or hours of your application. Unlike traditional banks and other lending institutions, lenders...
Maximizing Passive Income with NFT Investments and Cloud Mining
NFTproX is an innovative platform for buying and selling NFTs (Non-Fungible Tokens), which utilizes blockchain technology to provide investors with...
Easy Cloud Mining Passive Income with Gbitcoins
With the rise in the wide adaptability of cryptocurrencies, there is an emerging need to generate ways to earn from...
Top 15 Ways to Invest in Cryptocurrency
Investors invest in cryptocurrency because they think that as a particular cryptocurrency’s value increases, so will demand it. You can...
Stay on Top of Your Crypto Game with Live Coin Watch Mobile App
After a successful launch of its popular iOS app, Live Coin Watch is thrilled to unveil its mobile app for...