Ripple’s XRP has been on a wild ride, experiencing significant fluctuations in its value. It has dropped a staggering 86% from its peak of $3.40 in 2018, making it the cryptocurrency with the sharpest decline among the top 10. Despite this, Ripple has managed to maintain its position as one of the most valuable cryptocurrencies.
Currently, Ripple is facing a critical resistance level at $0.6687. If it breaks through this barrier, the next target is $0.9594. This potential breakout is significant because XRP has been stuck in this pattern for five years, hinting at a possible substantial rally in the future.
However, Ripple’s XRP is currently feeling the impact of the broader market correction. As of now, the price has dropped an additional 6%, falling below $0.45. At the same time, the daily trading volume has surged by 64% to $1.5 billion. This drop comes after Ripple unlocked 1 billion XRP tokens from the escrow.
Despite its volatility, Ripple remains a strong Layer-1 blockchain with some of the lowest transaction fees in the crypto market. Its ecosystem is expanding, and the recent launch of a native stablecoin has further strengthened Ripple’s appeal to crypto investors.
The legal battle between Ripple and the SEC has taken a new turn with the SEC countering Ripple’s use of the Binance case to argue against proposed penalties. The SEC has criticized Ripple’s attempt to draw parallels between the two cases, stating that the conduct and context are fundamentally different. The SEC argues that the Binance ruling does not support Ripple’s position and that reduced penalties are not justified. The SEC has also accused Ripple of acting with “reckless disregard for the law.”
Crypto lawyer Bill Morgan commented on the SEC’s frustration, noting that the SEC tends to dismiss decisions it disagrees with as “not an authority.” The Ripple vs. SEC legal battle continues, while the XRP price struggles to surpass $0.50.