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- XRP price has retracted, with key support positions being tested and a high risk of further losses if bulls do not defend these positions.
- The Ripple v. SEC case is crucial to the short-term to long-term price trend as experts anticipate a conclusion in the coming months.
Ripple’s XRP has come under immense pressure this week as the wider market faces heightened volatility. XRP investors are now closely watching prices as they approach key support positions. The recent negative price performance is being driven by a market-wide bearish trend triggered by macroeconomic factors.
XRP is up by 1.4% in the past 24 hours. The Ripple-linked altcoin has lost nearly 7% this week, leaving it trading for $0.4995 at the time of writing.
Its recent performance has seen its market cap fall to $26.6 billion with further gains risking the coin falling off the top ten ranked cryptocurrencies. Bulls are struggling to regain the $0.50 psychological position. Above this, many investors view the coin as bullish while below it paints a bearish outlook.
Though macroeconomic factors specifically Bitcoin’s price movement dictate much of XRP’s price trend, the ongoing Ripple v. SEC holds great influence over the short-term, mid-term, and long-term trends.
As Crypto News Flash recently reported, part of the bearish pressure facing the digital asset can be attributed to the new developments around the case.
Defense lawyer James K. Filan shared details of a recent court filing by Ripple in the SEC lawsuit. Ripple filed a Notice of Supplemental Authority referencing a recent settlement in the SEC vs. Terraform Labs case. This case involved a different crypto project, but Ripple argues it has a bearing on its situation.
The SEC has entered into a settlement deal that could see Terraform pay nearly $5 billion for orchestrating unregistered token sales, resulting in over $4 billion in purportedly “ill-gotten” gains.
The SEC initially sought around $2 billion in penalties from Ripple but recently revised this to a little over $100 million. However, the company argues that the penalty should not exceed $10 million. The outcome of this will not only set precedence over the crypto industry, and unleash an XRP price rally but could further lead to other developments such as an XRP ETF, a Ripple IPO, and multiple network integrations and partnerships with multibillion companies.
One such collaboration was celebrated earlier this week with Ripple joining forces with Archax. As CNF reported, Ripple announced its collaboration with Archax, a regulated digital asset authorized by the UK’s Financial Conduct Authority, with the aim to bring hundreds of millions of dollars worth of tokenized real-world assets (RWAs) onto the XRP Ledger (XRPL) over the next year. This will position the XRPL as a leading blockchain for RWA tokenization. Ripple CEO Brad Garlinghouse also shared his excitement regarding the collaboration.
