Is there hope for Ripple‘s (XRP) investors amidst its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC)? Additionally, with the market trending downwards following the SEC’s lawsuit against Binance, one of the leading cryptocurrency exchanges in terms of volume, will there be any impact on XRP? Here are the standout movements in Ripple!
Ripple in Decline!
Despite its price momentarily surging above $0.55, adding more than $2 billion to its market value in a single day, and the release of controversial files related to the Ripple case, XRP has taken another downturn. The recent downward movement in XRP’s price has placed it among the biggest losers in the market.
Out of the top 100 cryptocurrencies by market value, XRP’s price has recorded a loss of 4.52% on its 24-hour chart, surpassing its seven-day drop of 4.07%. Furthermore, Ripple’s price is now threatening its previous month’s gain of 18.10%. As of June 14, the price of Ripple stands at $0.5057.
Critical Level in XRP!
However, the popular altcoin XRP had previously surged above the psychologically significant threshold of $0.55 for investors, registering a noteworthy 8% increase and capturing the attention of both market participants and cryptocurrency enthusiasts with its upward momentum.
Moreover, the recent losses have placed the XRP token among the ‘biggest losers’ in the last 24 hours among the top 100 crypto assets by market value. Other altcoins featuring in these results include WOO Network (WOO) and Sui (SUI). Expert analysts suggest that the ongoing lawsuit with the SEC could significantly influence the token price if developments over the coming months turn out to be positive.