It’s been 40 days since the U.S. court issued a partial verdict in the SEC’s case against Ripple. In that timeframe, the digital currency XRP’s value has slumped by a significant 39.43%.
Despite SEC’s Interlocutory Appeal and 39% Downturn, XRP Enthusiasts Hold out for a Rebound
Recent statistics paint a tumultuous picture for XRP. Over the past week alone, its price dipped by 18.5%, and a monthly overview reveals a 32% slide against the U.S. dollar. But rewind to July 12, 2023, and the scenario was different – XRP was trading at $0.47 per coin. However, after judge Analisa Torres’ judgment the very next day, its value soared to a notable $0.819 per coin.
July 14 saw an even greater spike with XRP reaching a 2023 peak of $0.8437. But since that pinnacle, its descent has been swift, culminating in a 39.43% drop since July 14. Much of this drop is attributable to the past week’s performance, and just in the last 24 hours as of August 22, it’s taken a 1.5% hit against the greenback.
Yet, XRP’s trading footprint remains significant. Over the last day, it recorded an impressive global trade volume of over $1 billion, ranking sixth in daily volume. Moreover, its market capitalization of $27.07 billion cements its position as the fifth largest on August 22. The weekly downturn coincides with the SEC’s decision to appeal two rulings in the Ripple case.
Despite this, XRP loyalists, notably the “XRP Army,” remain optimistic about its future. Crypto influencer Egrag Crypto, boasting a 33,900-strong following, recently discussed XRP, claiming has an unparalleled legal and regulatory foundation.
“For those content with a runner-up digital asset, perhaps exploring alternative coins is a prudent choice,” Egrag stated. “As for me, I view XRP, coupled with its technological prowess and regulatory clarity, as my foremost wager.”
Egrag warns against drawing parallels between XRP’s journey and other cryptocurrencies, arguing that doing so overlooks XRP’s intrinsic value. He alludes that skeptics might be overlooking a potential surge for XRP, reminiscent of the 2017 rally.
Another XRP advocate suggests patience, stating, “Looking at the weekly chart, we’re still in the early stages after a big bearish downturn,” observes Treasure Knight. “We’ll need to wait a couple of weeks, possibly for a few small candles with reversal patterns, to see any potential bullish movement toward $0.82.”
What do you think about XRP’s performance over the past 40 days since the recent court ruling? Do you expect more downturn or do you envision an imminent XRP price rise? Share your thoughts and opinions about this subject in the comments section below.