Ripple’s (XRP) recent price movement has caught the attention of experts. This dynamic but stable cryptocurrency market reflects a 1.05% increase in the past 24 hours, with the token trading above $0.5 on Tuesday.
SEC Development in XRP
This movement positions XRP as the seventh-largest cryptocurrency by market capitalization, currently around $28 billion. XRP’s trading volume reached approximately $824 million in 24 hours due to significant price fluctuations.
In the past week, XRP has been trading in a sideways trend. Bulls and bears are battling for control, showing volatility. XRP experienced a 2% drop, moving between $0.47 and $0.52, indicating a narrow range. However, XRP saw a 3% increase in the past month, suggesting a gradual upward trend despite recent consolidation.
Price Prediction for XRP
XRP entered a new phase in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). On May 13, Ripple’s CFO Jonathan Bilich supported a motion to seal specific details in court documents related to the company’s solutions. This action coincided with a massive transaction of 280 million XRP tokens between Ripple and an anonymous centralized exchange. Legal expert James K. Filan highlighted this development as Ripple urged Judge Torres to approve SEC’s motion to seal parts of the Decision and Resolution Motion. The XRP market responded positively to these updates, showing a noticeable price increase.
Currently, XRP’s market activity shows significant volatility. Experts believe the altcoin could soon surpass the $0.55 resistance level. If the trend continues, XRP’s price might approach $0.75 and potentially reach $1 in the near future. Conversely, if market sentiment turns negative, XRP’s value could stabilize around $0.45. Further decline could highlight the unpredictable nature of the cryptocurrency market, potentially dropping its price to around $0.4.
