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The XRP price (the Ripple cryptocurrency), has experienced a 7.8% decrease, dropping to $0.36505 in the past 24 hours. This price drop follows Ripple’s citing of the Bittner verdict as a fair notice defense against the ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC).
The legal battle between Ripple and the SEC has been ongoing since December 2020, with the SEC alleging that Ripple conducted unregistered security offerings through the sale of XRP. As the case continues, the outcome remains uncertain and continues to impact the value of XRP in the cryptocurrency market.
Ripple Cites Bittner Verdict to Support Fair Notice Defense Against SEC Lawsuit
In a recent court filing, Ripple Labs, Inc. made the case that the fair notice defense against the Securities and Exchange Commission (SEC) is supported by the recent Supreme Court ruling in Bittner v. United States. Ripple Labs, its CEO Brad Garlinghouse, and Executive Chairman Chris Larsen are currently facing a lawsuit from the SEC. The lawsuit claims that the company’s XRP tokens are unregistered securities.
Ripple Labs argues that the Bittner verdict supports their claim that the SEC did not provide clear guidance on complying with securities laws regarding digital assets. In Bittner, the Supreme Court stated that the law must give a clear warning, in language that ordinary people can understand, of what will happen if a specific line is crossed. This underscores the Due Process Clause’s requirement for fair notice.
XRP Market Price Analysis
XRP, a cryptocurrency, has experienced a recent decline in market activity, with a trading volume of $1,908,852,764 in the past 24 hours, representing a -11.60% decrease from the previous day. This decrease in trading volume suggests a recent fall in market activity.
The highest price ever paid for XRP was $3.40, which occurred on January 7, 2018, almost 5 years ago. Comparatively, the current price is -89.22% lower than the all-time high, showing a significant decrease in value. The lowest price ever paid for XRP was $0.00268621, which occurred on May 22, 2014, nearly 9 years ago. Comparatively, the current price is 13,538,89% higher than the all-time low, showing a substantial growth in value.
In the past 7 days, XRP has experienced a price decline of -3.30%, which outperforms the global cryptocurrency market, which is down -10.90%. However, compared to similar cryptocurrencies, XRP has underperformed, with other cryptocurrencies remaining stable at 0.00%. XRP has experienced both growth and a decline in value over time, with recent fluctuations in trading volume and price showing ongoing changes in the market.
At the time of writing, the price of XRP showed a decrease of 8.55% to reach $0.362330. The 24-hour trading volume for XRP is $1,908,977,998. Over the past seven days, XRP has experienced a 3.41% decrease in price. XRP has a circulating supply of 51 billion, which gives it a market cap of $18,671,155,046.
XRP/USD Daily Chart: The Consolidation Phase. Can the Price Bounce Back to $0.5?
The price of XRP is in the consolidation phase, dropping faster from its high of $0.414. We expect the price to reach the lower lows of the consolidation at the $0.32 support level.
The price also trades below the 50-day and 200-day moving averages, confirming the downward trend and the support zone marked. However, the price could bounce back to the highs of the consolidation zone. Although, if the price breaks above the consolidation phase, which is also a resistance zone, an upward move will be inevitable to the resistance zone at $0.5.
Consequently, the price will trade above the 50-day and 200-day moving averages. With the analysis above and recent events surrounding XRP, we predict the price of XRP to fall to the support zone at $0.33 by the end of March.
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