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Crypto News: XRP price, the native cryptocurrency of the XRP Ledger, dropped sharply during the last day, hitting less than US$0.53. The continuing SEC lawsuit against Ripple, the firm that created XRP, and the general pessimistic mood in the cryptocurrency market are among the several factors contributing to the decrease.
On February 14, 2024, the XRP price is US$0.5222, and its 24-hour trading volume is US$ 991,391,979. With a US$28.50 billion market value, XRP is down 2.00% over the past 24 hours. In terms of market capitalization, XRP is placed sixth among the leading cryptocurrencies.
The SEC complaint against Ripple, which claims that the business and its officials offered XRP as unregistered securities, is one of the stories that has had the most impact on the cryptocurrency. The lawsuit has caused XRP and its investors a great deal of anxiety and controversy since it was filed in December 2020. This week marks the last one of the remedies-related discovery phases in the litigation, during which the parties exchange documents and information. Ripple was able to extend the deadline to February 20, 2024, according to a federal judge's ruling.
The future of XRP and its uptake by platforms and financial institutions may be greatly impacted by the lawsuit's verdict. Given that 2024 is an election year and that the SEC may elect new leadership, several crypto analysts have recently forecast that a settlement between the agency and Ripple is probably in the works. Other legal experts, however, say that the SEC may file an appeal of the case's decision and that the litigation may continue until the middle of 2026.
The recent whale behavior, which includes transferring substantial sums of XRP between wallets and exchanges, is another piece of news that has had an impact on XRP. A whale just sold an astounding 27.95 million XRP, or US$14.74 million, to a controlled exchange in Luxembourg, according to Whale Alert, a blockchain tracking website. The transaction occurred on February 14, 2024. The selloff may be a reflection of major holders' pessimistic emotions since it occurred concurrently with XRP's price decline below US$0.53.
The rise in non-fungible token (NFT) mints on the XRP Ledger, which jumped by more than 400% in 2023 Q4, is one piece of good news for XRP, nevertheless, according to Ripple. Original digital assets, or NFTs, can be used to symbolize games, music, painting, and other creative mediums. NFT creation and trading can be facilitated quickly, sustainably, and affordably with the help of the XRP Ledger. This might encourage more people to use XRP and its ecosystem for innovation and adoption.
XRP is expected to return and rise shortly, according to several analysts and experts, despite the recent price decline. The price of XRP is predicted by CoinCodex to range from US$0.323247 at the low end to US$1.637896 at the high end in 2025. This indicates a possible rise of 212.95% from the current price. Between US$0.408842 on the low end and US$1.665524 on the high end, there is a 218.16% possible growth in XRP's price from its current value by 2030.
Based on XRP's technical analysis, MarketBeat reports that the current attitude is negative, with 4 indicators indicating positive signals and 26 indicating bearish signals. The fact that XRP is trading below both its 200-day and 50-day simple moving averages points to a downward trend. With a 14-day relative strength index (RSI) of 42.37, a neutral momentum is indicated. Green bars on the moving average convergence/divergence (MACD) and awesome oscillator (AO) point to a modest bullish push.
Strong resistance for XRP is currently at US$0.53, and it has been tried many times in the last week. If XRP is unable to break over this barrier, it may see another downswing toward the lower border of the ascending channel, or $0.4968, which serves as support. A daily candlestick closure below this level may lead to a bearish breakdown and refute the bullish theory. But if XRP can break over the barrier around US$0.53, it can start to rise again, heading for the next obstacle at US$0.5629 and then US$0.6012.
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