Ripple’s progress in the crypto market has been phenomenal, given that the popularity of the token around the globe is increasing. While the lawsuit against Ripple is a threat against XRP’s prices, it has boosted the popularity of the token and that of Ripple.
XRP is trading at $0.626 on major exchanges at the time of writing after a 6.5% decline.
XRP Price Analysis
XRP’s price analysis shows that the market is currently bearish as the token set a new low this week. Currently, the price of XRP is moving downwards towards the $0.60 level. With the market currently looking bearish, a downtrend from this position might happen.
The current bears could be attributed to the lack of general market support. Bitcoin and ethereum are also losing big, and altcoins have mimicked this downward trend, hence the dip by XRP.
The current price of XRP shows there is substantial volatility, given that the price of the coin dropped from $0.67. An upsurge will only happen if the market support from bitcoin and the broader market rises again. On the other hand, going below these levels might boost support for XRP as buyers jump in to leverage the dip.
Recently, the Ripple director stated that XREP has the same use cases as bitcoin and ethereum. Matt Hamilton was responding to a tweet, stating that XRP is as decentralized as bitcoin because XRPL is a public blockchain. He also added that XRP was created to improve on bitcoin in terms of energy consumption.
No, it is decentralised just like Bitcoin. XRP was created by bitcoin developers as a “better bitcoin” once they realised that bitcoin’s energy usage was not scalable. So it’s usecases are basically the same as Bitcoin: making peer to peer payments without a trusted 3rd party.
— Matt Hamilton (@HammerToe) July 7, 2021
Ripple and the SEC have not released any recent details on the ongoing case. Some crypto community members believe that the case has become “a bit cold”, and any future proceedings could be done behind closed doors.
@attorneyjeremy1, @FilanLaw & @JohnEDeaton1 maybe it’s just me, but it feels like the #SEC vs @Ripple case has gone a bit “cold”.
When should we hear from the judge again? Are there any known dates or are they just going to continue behind closed doors from now on?#Ripple #XRP
— Martin Valk (@martincpvalk) July 6, 2021
XRP has been fluctuating with news of the ongoing lawsuit. If the case’s proceedings are not made public, then XRP will only have market support to lean on for future price appreciation.
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