XRP price had maintained a notable upswing since the beginning of the current trading month. However, the mounting bearish pressure over the asset dragged the price lower and also compelled it to drop below the bullish pattern. Besides, the Ripple vs SEC case is also appearing to find closure at the earliest, but the impact of this may be hardly seen over the XRP price in the coming days.
The XRP price, in the past few days, has been chopping between $0.38 and $042 which has hampered the hopes of a bullish outlook. Therefore, considering the present scenario, it is more evident that the price may take up more time to recover as it shows huge signs of weakness.
The volume over the platform witnessed a constant drop since the beginning of the month, indicating very less activity, but the price remained elevated. Additionally, the total crypto market cap also marked new lows as the FED continued to tighten the monetary conditions that mounted tremendous pressure on the crypto space.
Now when the Ripple vs SEC lawsuit is approaching a phase of settlement, the impact on the XRP price appears to be negligible.
The lawsuit closure is a few months away from now and hence FED may continue raising the interest rates at least once in these 4 months. Therefore, the XRP price may also be deeply impacted and fail to become immune to the tighter economic conditions. On the other hand, the general narrative of the settlement continues to be sceptical about whether it will be bullish or bearish for the price of XRP.
However, most of the events that occurred within the crypto space, like the ETH 2.0 launch or Alonzo Hard Fork or the Ethereum Merger have been ‘buy the rumour and sell the news’. Therefore the Ripple vs SEC lawsuit closure may also reach the same fate in the coming days.
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Sahana Vibhute
A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.
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