XRP Struggles to Stay Positive Amid Market Downturn
XRP, along with many other altcoins, is facing challenges as it tries to stay in the green zone amidst a bearish market trend. The SEC v. Ripple case, which has been closely watched by investors, has taken an interesting turn with the filing of a joint proposal by both parties to seal confidential materials in the upcoming remedies brief.
The remedies brief, scheduled for March 22, will now be kept under wraps and inaccessible to the general public until March 26. This development adds to the intrigue surrounding the case, but it also raises concerns among investors who are unsure of what the next steps will be.
The timing of these recent developments has had a negative impact on XRP prices, pushing the cryptocurrency into the red zone. Currently trading at $0.59, XRP has experienced a 3% drop in the last 24 hours. This extends its weekly losses to nearly 15% and breaks the critical support level of $0.60. In recent weeks, this support level has provided some stability for XRP, leading to rebounds due to increased accumulation.
Interestingly, the decline in XRP price coincides with a surge in large-volume transfers by whales. Data from Santiment reveals that over the past 10 days, there have been more than 14,000 such transfers. This suggests that whales may be selling their XRP holdings at a loss, further impacting the cryptocurrency’s performance.
While there have been no indications of a settlement from either the SEC or Ripple, it remains a possibility. In the past, the SEC has opted for settlements in most of its cases against crypto firms. Legal experts believe that the agency is likely to face a loss in the Ripple case, and with an upcoming change in administration, there may be a desire to bring the case to a close. For Ripple, a settlement would save the company millions in legal fees and allow it to focus on its development and the growth of the XRP token.
Looking ahead, the future of XRP largely depends on the outcome of the lawsuit, increased institutional investment, and the potential launch of an XRP ETF. Industry experts have predicted that XRP could reach as high as $500 by 2025, making it one of the most bullish cryptocurrencies in the long run.
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