During the past 24 hours, the ecosystem’s total losses have increased, and one of the biggest sufferers has been the popular payment cryptocurrency XRP. XRP is currently down 5.30%, with a price of $0.4962, which is below the critical support area. Due to the recent downturn, XRP is currently down 1.99% for the week according to data from CoinMarketCap.
The optimistic performance that XRP had earlier this month has been derailed by the current pricing outlook, despite continued good feeling around both the legal dispute it is involved in and the expanding usefulness surrounding it.
For XRP, the present price forecast is insufficient when assessing its potential in the future for a number of reasons. First off, due to the digital currency’s close relationship with Bitcoin (BTC), any discernible decline in the price of BTC will result in a short- to medium-term increase in the value of XRP.
As the cryptocurrency ecosystem’s volatility is now quite modest, XRP is expected to capitalise on these trends to increase its momentum. This is because it will likely be motivated by the memory of Ripple’s triumph over the US Securities and Exchange Commission (SEC).
XRP effect
XRP is at a turning moment in its history as the coming days, weeks, and months herald a highly unique period that has the power to profoundly influence its destiny.
A victory for Ripple might result in a capital inflow from investors all around the world as the uncertainty surrounding XRP will finally be resolved, according to the dispute between Ripple Labs Inc. and the SEC.
The community is now optimistic and certain that Judge Torres won’t support the SEC based on the contradiction of the regulator’s allegations, yet the contrary is also true. This is because of XRP.
