As a seasoned crypto investor with over a decade of experience in this wild and unpredictable market, I’ve seen my fair share of rollercoasters – some steep climbs, gut-wrenching drops, and everything in between. The recent 10% plunge of Ripple’s XRP has me feeling a bit like a passenger on yet another thrilling ride.
TL;DR
- Ripple’s XRP has dropped 10% in two weeks, with declining transaction activity and a broader market downturn suggesting that its correction may continue.
The ongoing Ripple v. SEC lawsuit could introduce more volatility for XRP, with recent legal developments sparking speculation of a potential appeal by the regulator.
XRP to Bleed Even More?
Over the last fortnight, Ripple’s XRP has experienced a downward trend, with its value dropping by approximately 10%. At the moment, it is being traded at roughly $0.53, according to information from CoinGecko.
While XRP bulls eagerly await a renewed price revival, some crucial factors hint that the correction might be far from over. The first element is the broader decline of the entire cryptocurrency market, where Bitcoin (BTC) slipped below $56,000. It will be interesting to see whether the sector recovers some of the losses incurred in the following days and whether XRP could head north, too.
The second factor is the number of XRP payments from one account to another. Data shows that the figure has fallen from almost 570,000 on September 1 to 370,000 as of today (September 6). This indicates decreased processing activity and could be a sign of reduced engagement within the ecosystem.
On the other hand, over a five-day period, the number of active XRP accounts has decreased by 65%, which further supports the concerning theory that was mentioned earlier.
Let’s discuss one more point: the number of transactions carried out. It peaked above 1.5 million at the beginning of September, but dropped to below 850,000 on September 6. This drop might indicate a shift in market sentiment, as some investors may be losing faith in XRP, which could lead to a further decrease in its price.
The Ripple v. SEC Case
The current court case involving the two parties could potentially increase the price fluctuations of XRP in the upcoming period. Last month, Judge Torres made a significant decision by ordering Ripple to pay a $125 million penalty for breaking specific securities regulations.
The total amount signifies a 94% reduction from the SEC’s original demand, leading numerous market participants to celebrate this decision as a significant victory for the company. Following this announcement, XRP‘s price experienced a substantial increase, climbing by double digits almost immediately.
This week, I, as a researcher, have been following the developments regarding Ripple’s legal case. Recently, Rippe filed a motion seeking a stay on the monetary aspect of the court’s judgment issued in August. Interestingly, their legal team has disclosed that there is an agreement with the regulatory body concerning the postponement of the payment, which was originally due on September 6th.
Some people who use X believe this action might signal an upcoming appeal by the SEC, who may have issues with the original verdict. For example, the American lawyer Fred Rispoli stated:
“Going through all this effort with establishing a trust for the funds boosts chances of an appeal IMO. But ultimately, this is just the safest play for SEC to buy time until the Oct. 7 deadline to appeal.”
It’s intriguing to keep tabs on this case’s developments and assess whether they might influence the value of XRP.
Read More
- Finding Resources in Palworld: Tips from the Community
- UFO PREDICTION. UFO cryptocurrency
- Skull and Bones: Navigating the Quest for Extra Teeth in the Game
- AAVE PREDICTION. AAVE cryptocurrency
- Uncovering the Mystery of Red King Players in Clash Royale – What Reddit Users Have to Say
- BONE PREDICTION. BONE cryptocurrency
- The Last Epoch Dilemma: Confronting the Gold Dupe Crisis
- Discovering the Infinite Power: The Abiotic Factor that Could Change Everything
- Unveiling the Mystery of Palworld IVs: What Redditors Have to Say
- Gaming News: Like a Dragon: Infinite Wealth’s Dondoko Island Takes Expansion to New Heights
2024-09-06 22:28