- XRP’s price decline and legal challenges with the SEC contribute to market uncertainty.
- Whale transactions and expert analysis signal potential further declines for XRP.
The primary currency of the XRP Ledger, XRP, has declined significantly, and it crossed the critical support level of $0.60 on Wednesday. The ongoing legal issues and market forces that are driving this decline are part of the token’s bearish trajectory.
Intensifying Legal Battle Between SEC and Ripple
The US Securities and Exchange Commission (SEC) and Ripple Labs jointly requested this week that some documents pertaining to the next remedies brief, which is due on March 22, be withheld until March 26.
This represents a big step forward in the continuing legal battle between the two groups. The bitcoin community is interested in this legal strategy because it adds another layer of complexity to the problem.
#XRPCommunity #SECGov v. #Ripple #XRP The parties have filed a joint sealing proposal “to govern sealing issues relating to the upcoming remedies-related briefing to be filed in this case.” pic.twitter.com/gaF2DLlWDN
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) March 19, 2024
Observations on Whale Transactions and Market Response
Even though the value of XRP has been dropping, there has been some activity among large-scale XRP holders, or “whales.” Santiment’s analysis revealed more than 14,000 noteworthy XRP transactions during the last 10 days, suggesting that a possible divestment may have had a role in the price decline.
Further evidence that these whales are primarily losing money comes from the Network Realized Profit/Loss measure, which points to a possible surrender on the part of some of these significant investors.
According to ETHNews previous report, a Ripple supporter previously listed four catalysts that could push XRP’s price above $3 in 2024, including regulatory clarity, institutional adoption, technological advancements, and growing global utility. This YouTube video provides a more in-depth description of these developments.
Insights on XRP’s Prospects
Renowned cryptocurrency analyst Egrag Crypto has commented on XRP’s precarious situation, stressing the token’s recent volatility and the risk of future losses.
#XRP Bulls' 🐂 Next Task Update 🚀:#XRP just experienced 8 wicks below Fib 0.382 in this 4-hour candle.
For a detailed follow-up, refer to the post from March 15th: https://t.co/0CsTB0pI5D
What's Next: #XRP has now had 8 wicks below Fib 0.382 in this 4-hour candle. This… pic.twitter.com/V4G5QUPgMf
— EGRAG CRYPTO (@egragcrypto) March 19, 2024
A single 4-hour candlestick showing eight price drops below the Fib 0.382 level has raised questions about XRP’s endurance and the likelihood that it may fall into the $0.53–$0.55 range.
At press time, the price of XRP has climbed 1.66% in the last 24 hours, rising to $0.5952. However, this represents a 14.53% decline over the last seven days.