Join Our Telegram channel to stay up to date on breaking news coverage
The digital token associated with Ripple Labs, XRP, has gained significant popularity within the crypto sphere, particularly due to its high-profile encounter with the U.S. Securities and Exchange Commission (SEC).
As of the current market data, XRP is ranks number 6 on CoinMarketCap. However, over the past 7 days, XRP has experienced a significant price decline.
The SEC’s lawsuit against Ripple Labs has created uncertainty and volatility in the market, impacting the token’s value.
Despite the recent price decline, many experts still maintain a positive outlook for XRP. They believe the token has the potential for future growth, and its value will rise over time.
This optimism stems from anticipated developments within the XRP network, including potential partnerships and technological advancements.
XRP’s Price Reaction To The SEC Lawsuit
XRP began the month of June with a promising start, launching at $0.5174, which also marked the day’s peak price.
In the following days, XRP witnessed a steady and gradual increase, which reflected the growing interest and positive sentiment in the market toward crypto.
However, the positive momentum was interrupted on June 5 when news broke about one of the largest cryptocurrency exchanges, Binance.
The exchange recorded the beginning of its regulatory issues with the U.S. Securities and Exchange Commission (SEC) that day. This news had a ripple effect across the cryptocurrency market, and XRP was not exempt from the impact.
As a result, the price of XRP dropped from $0.5447 on June 4 to $0.4935 on June 5, following the market’s response to the regulatory concerns surrounding Binance.
The following day, another prominent cryptocurrency exchange, Coinbase, also faced an encounter with the SEC, further contributing to the uncertainties in the market. These developments significantly influenced XRP’s price, causing a decline in its overall value.
Although there have been intermittent periods of price growth, the general trend for XRP has declined since the regulatory events involving Binance and Coinbase, adding to Ripple’s ongoing case with the SEC.
Over the past week, XRP’s price has experienced an 8.15% decrease, and in the last 24 hours, it has seen a further decline of 1.30%. As of today, June 29, XRP is trading at $0.4682.
Possible Future Trend Of XRP Price According To Technical Indicators
Based on the current technical indicators, XRP is exhibiting signs of a continued bearish trend in the near term.
The token’s price is currently below the 50-day Moving Average (MA), indicating a bearish sentiment among traders and investors. However, it remains above the 200-day MA, which suggests some level of long-term support.
Additionally, the Moving Average Convergence Divergence (MACD) line is below the signal line, resulting in a second red bar on the histogram. This trend further reinforces the bearish sentiment surrounding XRP.
Furthermore, the Relative Strength Index (RSI) for XRP is currently holding a value of 40.98. A value of 40.98 indicates that XRP is not in oversold or overbought territory, but it suggests a relatively neutral sentiment.
However, a support level of around $0.46957 has kept the token’s price from declining further. If XRP fails to break below this support level, it could potentially initiate a bullish run or provide a temporary price rebound.
It’s important to note that technical analysis provides insights into past price movements and can offer some indications about potential future trends.
However, it does not guarantee future price movements, as market conditions and other external factors can significantly influence the price of virtual assets like XRP.
Experts’ Insight Into The Short And Long-Term Price Of XRP
Certain experts have anticipated the short- and long-term projection of XRP’s price, with some predicting that it could reach a maximum of $1.104 before the end of 2023.
Looking further ahead, these experts also predict that the token could potentially reach up to $4.89 before the end of 2030, indicating a more optimistic long-term outlook for XRP’s price.
Based on CoinPedia‘s prediction, XRP’s future price could reach a maximum of $1.104 before the end of 2023. The expert also forecasts a minimum price of $0.585 and an average price of $0.848 for the same period.
The predictions from CoinPedia also suggest that XRP’s price growth will continue into 2024. The global recognition and growing adoption of XRP could further propel its prices to greater heights, potentially reaching an annual high of $1.8157.
The prolonged dominance of bears (indicating a market controlled by sellers) and declining trading volumes could potentially drag XRP’s price down.
On that note, CoinPedia suggests that XRP’s price could range from $0.956 to $1.815, with an average price of $1.351. For 2025, CryptoNewsZ predicts that XRP could reach a maximum price of $1.53.
On the other hand, the forecast also indicates a minimum price of $1.06 for XRP in 2025. This prediction suggests that even during less favorable market conditions, the price of XRP is expected to remain above the $1 price mark.
Moving on to 2026, this expert anticipates further growth in the value of XRP. They forecast a maximum price of $1.95 for the token during this year.
Alongside the maximum price, CryptoNewsZ suggests that XRP will maintain a low price of $1.36 throughout 2026. According to the analysis from DigitalCoinPrice, XRP is expected to maintain a steady price increase from 2027 to 2030.
In 2027, DigitalCoinPrice predicts that XRP could reach a maximum price of $2.15. The expert also anticipates a minimum price of $1.81 and an average price of $1.94 for XRP in the same year.
DigitalCoinPrice’s predictions for the following years indicate continued growth for XRP. They forecast a maximum price of $2.57 for XRP in 2028, suggesting a potential increase in value during that year.
Moving to 2029, the prediction suggests a further price surge, with XRP potentially reaching a maximum price of $3.48. By 2030, DigitalCoinPrice expects XRP to continue its upward trajectory, projecting a maximum price of $4.89.
Additionally, DigitalCoinPrice highlights that they don’t expect XRP’s price to drop below $2.23 from 2028 to 2030. In other words, their analysis suggests a level of price stability and optimism for XRP during these years.
However, it’s worth noting that cryptocurrency price predictions are speculative in nature and subject to various market factors and uncertainties.
Possible Factors Influencing the Price of XRP’s Market
Several factors can influence the price of XRP, such as updates and developments related to the ongoing case between Ripple Labs and the SEC. Recent events surrounding the case can potentially trigger price actions for the token.
For instance, news of a top lawyer identifying a legal gray area in the battle between the SEC and Ripple can impact market sentiment and investor perception.
Additionally, the impending lawsuit verdict, slated for July, carries significant weight for XRP’s price trajectory.
Here are additional details.
Top lawyer identifying a legal gray area in the battle between SEC and Ripple
The SEC v. Ripple lawsuit centers on the classification of Ripple’s digital currency, XRP, as a security.
As the legal battles unfold, this emerging legal gray area has come into the spotlight, adding complexity and uncertainty to the already contentious dispute.
The focus of the legal debate lies in consideration of secondary sales of XRP, specifically whether they should be deemed unregistered securities transactions. Secondary sales refer to transactions between parties other than the original issuer, in this case, Ripple.
The Securities and Exchange Commission argues that these secondary sales of XRP should be classified as securities, subject to appropriate regulations. On the other hand, Ripple vehemently disagrees, maintaining that XRP should not be treated as a security.
The outcome of this case will not only determine the fate of Ripple and XRP’s price but could also significantly impact the regulatory landscape for digital assets.
Impending lawsuit verdict slated for July
According to CoinPedia, the Ripple vs SEC lawsuit is reaching a critical point in July, with Ripple’s CEO and chief legal officer remaining optimistic about a favorable outcome.
This verdict holds immense significance for Ripple and the wider cryptocurrency market, specifically impacting the price of XRP.
Investors are closely watching the case, as uncertainty has led to price volatility, with potential for a surge in XRP value if the ruling favors Ripple.
Ripple (XRP) Alternative
The Wall Street Memes (WSM) presale program, rapidly gaining popularity as a lucrative investment option, has generated substantial excitement among investors globally.
The project’s unique concept and innovative approach have captured the attention of cryptocurrency enthusiasts and traditional investors alike.
As a result, the presale has witnessed a remarkable influx of funds, reaching over $11.22 million to support its development and expansion. The $WSM token is valued at $0.0304 in the current presale stage.
Furthermore, there is an optimistic outlook for the next stage of the presale, with the $WSM token expected to be sold at $0.0307. Interested investors should act fast and grab as many tokens as they want before the price changes in the next presale stage.
Join Our Telegram channel to stay up to date on breaking news coverage
