XRP Price Dips Below US$0.54: Factors Affecting its Downturn

XRP price drops below US$0.54: Legal battles contribute to the crypto’s recent downturn

Crypto News: The Ripple native coin, XRP, has been declining over the last week and fell below US$0.54 on Friday, February 23, 2024. The drop is in keeping with the general pessimism in the cryptocurrency space, which has also seen significant currencies like Ethereum and Bitcoin lose value. What causes XRP’s subpar performance, and when will it improve?

A primary cause influencing the XRP price has been the continuing legal dispute between Ripple and the US Securities and Exchange Commission (SEC). By providing investors XRP, the SEC charges Ripple with carrying out an unregistered securities offering. The claims are refuted by Ripple, which maintains that XRP is a digital asset that enables international transfers rather than security.

Nevertheless, there are some encouraging trends and developments for XRP that may raise its price in the future. For example, XRP has gained legal recognition in certain countries, such as the UK and Japan, where it is regarded as a digital currency rather than a security. This might lead to a rise in XRP’s popularity and usefulness as well as draw in more institutional and ordinary investors. In addition, XRP has demonstrated adaptability and ingenuity by incorporating new initiatives and features like DeFi, NFTs, and smart contracts. These might lead to new use cases and demand, as well as improve XRP’s functionality and value proposition.

XRP Price Analysis

XRP is presently in sixth place out of all cryptocurrencies with a price of US$0.537. XRP now has 54.56 billion in circulation and a total market value of US$29,330,891,595. The price of XRP has dropped by 1.71% during the last day. Over the last seven days, XRP has lost 5.35% of its momentum and struggled to gain ground. This week, XRP is displaying negative indicators; if you’re considering purchasing XRP, this could be a good time to invest.

 

XRP’s price analysis is not clear-cut, as it depends on the outcome of the legal case, the market sentiment, and the technical indicators. XRP could either break out of the descending triangle and target the next resistance levels at US$0.65, or break down and test the next support levels at US$0.48. XRP holders and traders should keep an eye on the news, the trends, and the charts to make informed decisions and take advantage of the opportunities that may arise.

XRP Price Prediction

The price prediction for XRP is based on several variables, including past patterns, technical analysis, market sentiment, and professional judgment. It is crucial to remember that a multitude of unforeseen factors and events can impact the price of XRP in the future, making it impossible for anybody to forecast with absolute precision. Consequently, it is not advisable to heed XRP’s price prediction as financial advice, but rather to treat it with caution.

According to CoinCodex, the range of the expected price of XRP in 2025 is US$ 1.699319 on the high end and US$ 0.336780 on the lower end. If XRP hits the higher price objective, its value relative to its current price might increase by 214.62% by 2025. As of right now, the range of the projected XRP price for 2030 is US$ 0.436692 at the low end and US$ 1.773258 at the high end. If XRP hits the higher price objective, its price may rise by 228.31% by 2030.