- XRP witnesses a rapid price decline post-judge Torres’ verdict in July.
- The SEC’s appeal decisions correlate with XRP’s recent value decline.
- Influencers stress XRP’s unique value and potential for a comeback.
The digital currency landscape is known for its volatility, and XRP, Ripple’s native cryptocurrency, is no exception. Over the last 40 days, following a partial verdict by the U.S. court in a case involving the SEC and Ripple, the value of XRP has taken a substantial dip, declining by an alarming 39.43%.
To illuminate the recent upheaval in the XRP market, it’s essential to revisit the occurrences of mid-July. Specifically, on July 12, 2023, XRP displayed a moderate trading value of $0.47 per coin. However, a surprising turn of events unfolded on the following day with Judge Analisa Torres’ ruling, propelling the cryptocurrency’s value to a noteworthy $0.819 per unit. This momentum climaxed by July 14, when XRP achieved its peak value for the year at $0.8437.
However, this success was short-lived. The following weeks painted a concerning picture for the cryptocurrency, plummeting nearly 39.43% from its zenith in July. A significant portion of this decline could be traced back to the week’s performance, which saw an 18.5% dip. The latest 24-hour statistics from August 22 highlight a further 1.5% decline against the U.S. dollar. Notably, this downward trajectory was fueled by the SEC’s recent decision to challenge two verdicts associated with the Ripple litigation.
Yet, amid this instability, the XRP Army, a group of dedicated and ardent XRP followers, stands undeterred. Prominent crypto influencer Egrag Crypto, with a robust following of 33,900, recently spotlighted XRP’s strengths, emphasising its unique legal and regulatory position. Egrag passionately conveyed his belief in XRP’s technological potential and regulatory advantages, advocating it as his top choice in the digital asset realm.
Egrag’s sentiments caution investors against directly comparing XRP and its cryptocurrency counterparts, suggesting such comparisons might not account for XRP’s inherent merits. By pointing out this, Egrag hinted at a prospective XRP rally, evoking memories of its phenomenal 2017 surge.
The XRP/USD pair is now trading above the $0.5200 level, which is a crucial support level for bulls, according to the most recent research. The bulls have taken control of the market and are recovering after a brief downturn. XRP’s current market price is $0.5201, up by 0.70% over the last 24 hours. Over the last two weeks, the ripple price trend has shown a bearish bias, with the coin trading below many key support levels. However, if the bulls break past the resistance level of $0.5600, XRP could soon target higher levels.
The current market sentiment for XRP is positive, with traders focusing on the possibility that XRP could break through the $0.5300 level soon. The trading volume for XRP is also increasing, indicating that the coin is gaining traction in the market, currently at $1.87 billion in 24 hours.
Treasure Knight, another vocal supporter of XRP, suggests that the current market graph is just a precursor. Analysing the weekly trend, Knight encourages investors to stay patient, envisioning a turn in the tide and a hopeful bullish movement toward the $0.82 mark in the near future. In essence, while XRP’s current market situation might raise eyebrows, the underlying sentiments among its dedicated community are brimming with optimism. Only time would tell if this trust is rewarded.
