XRP Price Prediction – XRP Experiences Sharp Decline, Struggling to Find Stability at $0.40

XRP has witnessed a significant downturn in a month of uncertainty. The digital asset has seen a staggering decline of nearly 10% this month alone and an overall drop of approximately 28% from its peak of $0.58 in March. Investors and cryptocurrency enthusiasts closely monitor the situation as XRP struggles to find an anchor at the $0.40 mark. 

The sharp decline has raised concerns among market participants, who are now questioning the future trajectory of this once-promising digital currency. 

Conclusion of Ripple’s Legal Battle with SEC Could Trigger XRP Surge

The long-running legal battle between Ripple and the US Securities and Exchange Commission (SEC) is nearing its conclusion, potentially acting as a catalyst for a surge in XRP’s value. In December 2020, the SEC filed a lawsuit against Ripple, accusing the company of raising $1.3 billion by selling XRP as an unregistered security. Ripple vehemently denies these allegations, asserting that XRP should be classified as a commodity.

Earlier this year, optimism surrounding a favorable outcome in the lawsuit drove XRP’s price to soar. Although the excitement has waned since then, market participants eagerly anticipate a ruling from district judge Analisa Torres soon. During a recent interview, Ripple CEO Brad Garlinghouse expressed confidence that the legal battle would be resolved within the first half of 2022, possibly within the next two months.

Should there be any indications that Judge Torres might rule in favor of Ripple or that the SEC seeks a settlement, industry experts predict a substantial short-term increase in XRP’s value. This surge could propel XRP to reach new highs for the year, potentially surpassing the $0.60 mark. Traders and investors closely watch for any developments in this landmark case that could impact the future of Ripple and the XRP cryptocurrency.

At the time of writing, XRP has seen a minor dip, trading at $0.423264 with $839.8 million in 24-hour volume. Over the past 24 hours, the cryptocurrency has experienced a slight decline of -1.28% in its price, while the past 7 days have witnessed a modest decrease of -0.79%.

With a circulating supply of 52 billion XRP tokens, the market capitalization of XRP currently amounts to $21,921,436,487. This figure underscores the market’s valuation of this digital asset and its standing among other cryptocurrencies.

XRP Price Prediction – XRP/USD Chart Analysis

The price of XRP has been on a downtrend since the beginning of March after hitting the $0.58 resistance zone. A decline of nearly 10% this month and roughly 28%. The price is declining in a downtrend channel. However, there is a possibility that the price might find an anchor at $0.39 on the lower trendline of the channel. 

Furthermore, the 200-day moving average remains strong as support for the XRP price. Unless XRP can break out of its current downtrend, it will likely retest the 200-Day Moving Average, and there is even a possibility of breaking below it. Such a scenario could lead to revisiting the March lows in the range of $0.39.

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