TL;DR
- XRP’s price dropped 24% weekly and 17% in 24 hours, with analysts still optimistic about a potential recovery.
- Speculation around the Ripple-SEC lawsuit resolution could have been one reason pushing XRP to $0.66 last week, but the legal battle continues with no settlement yet.
What’s Next for XRP?
The last couple of days have been devastating for Ripple’s XRP, the price of which plummeted by 24% weekly and 17% on a 24-hour scale. Currently, it is worth around $0.44 (per Coingecko’s data), the lowest level recorded in nearly a month.
The asset’s poor performance coincides with an overall market crash. Bitcoin (BTC) briefly slipped below $50,000 (for the first time since February), while Ethereum (ETH) fell by a whopping 23% daily and is now hovering around $2,200.
Despite the gruesome reality, some analysts remain optimistic that XRP could soon return to the green track. The X user CrediBULL Crypto depicted the $0.39-$0.48 range as an important “target zone,” following which the token’s price may head north.
Moon Lambo chipped in, too, arguing that XRP’s substantial plunge is “not the end of the world” but “an opportunity.”
Another trader giving their two cents was Cryptoinsightuk. The enthusiast described the decline as “a good first step” that causes interest and “sees a reactionary bounce.”
“I would like to see us move a bit further into the box, I’ll be looking for a slow down, increase in volume (people accumulating) and then bullish divergences before an impulsive next leg… If I am right of course. I may not be,” the analyst added.
What Can Fix the Situation?
Less than a week ago, XRP’s price hit a four-month high of almost $0.66 amid increased rumors that the lawsuit between Ripple and the US SEC is drawing to an end. American attorney Fred Rispoli previously predicted that the case could conclude on July 31, while some industry participants speculated that the regulator might discuss a possible settlement during its closed-door meeting last month.
However, the legal battle is still ongoing, and there have been no announcements indicating that its resolution is any step closer.
According to some, Ripple has the upper hand after securing three vital (yet partial) court victories throughout 2023. The first occurred in July when Judge Torres ruled that Ripple’s programmatic sales to secondary trading platforms do not constitute offers of investment contracts. This resulted in a massive bull run for XRP, whose price shot by over 70% in a matter of hours.
That said, a decisive win for Ripple may be followed by another rally for the coin.
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