The global crypto market is red, and XRP is no exception. Despite this decline, the price comparison between Bitcoin, the benchmark crypto, and XRP is unlike most other coins.
XRP Price Analysis
In the last 24 hours, the crypto price has fallen by about 1% at the time of writing but has moved up 2% against bitcoin.
On the daily chart, it is clear that 2022 has been a rocky one for the cryptocurrency’s prices.
After a fairly steep decline from a high of $1.3 in November 2021, XRP’s price hit a low of $0.3 in May 2022, losing a dollar in value per token. The crypt has remained between $0.3 and $0.45 since then.
The buyers are undeniably weaker than the sellers. After hitting a low of $0.3132 on 7 September, the price of XRP is showing signs of recovery and may be on its way to retesting the $0.40 zone, as illustrated by the 4-hour chart.
Prices may hit the $0.35 mark and decline further down in a matter of hours or days at most. In the case of a breakout, however, we may see the price of XRP touching the $0.40 zone before a retest and possible breakout a second time.
SEC Lawsuit and What It Means For Ripple
Ripple Labs has been in a lawsuit with the SEC since December 2020. According to the lawsuit, the SEC alleges that the sale of XRP, the native token of the XRP Ledger (created by Ripple Labs), was an unregistered securities offering worth over $1.4 billion.
However, the SEC and Ripple’s defendant filed a joint proposal regarding the XRP lawsuit.
According to the proposal, both parties and the public will have complete access to all briefs in the lawsuit. It was mentioned that if redactions of any case files become necessary, these redactions are minimal.
For the proposal and any subsequent redactions to happen, both parties are expected to meet at an agreed-upon date and decide on the different matters in the ongoing lawsuit.
This meeting is expected to happen right after all briefs are filed and will begin with both parties filing all materials relating to the summary judgment motions under seal.
This meeting agreement and proposal between the SEC and Ripple Labs may indicate that the lawsuit will end, marking two years in December 2022.
Over the last few weeks, Ripple investors are now gaining confidence in the former’s ability to win the SEC lawsuit. As per the Investment data published by James Butterfill (Head of Research at CoinShares), XRP has seen massive inflows for the third consecutive week, totaling about 1.1 million dollars. This indicates that the confidence of Ripple’s investors is surging.
Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
