TL; DR Breakdown
- XRP market continues to dip amid lawsuit crisis.
- XRP poises to end the month with a 16% drop.
Ripple lawsuit news keeps the market bearish
Earlier today, XRP experienced an 8% drop in price to an intraday low of $0.403. This is not surprising as Ripple’s case with the SEC is still ongoing and they are yet to make a headway.
The SEC had targeted Ripple and other cryptocurrencies for some time. In December 2020, the SEC filed a case against Ripple Labs Inc. and two of its officials, accusing them of selling unregistered digital securities that is worth over $1.3B.
Earlier this month there were speculations of a quick settlement after the crypto company formally responded to SEC lawsuit. Also, a former SEC executive, Joseph Hall said that the case might end soon considering that the plaintiff has already had access to the necessary documents.
However, amid the crisis, exchanges like Coinbase suspendedXRP trading on their platforms. MoneyGram, a money transfer company, also recently suspended its partnership with the parent company of XRP.Right now, there is yet to be a settlement regarding to the lawsuit against the company.
Ripple XRP price analysis
The price of XRP has dipped further to reach its lowest point since Feb 23. According to U.Today, the level where XRP is trading right now is a key support zone. However, the support level has been able to hold so far.
Even with the pump-and-dump mania, the token looks to end the month in about a 16% drop. According to U.Today, the XRP market saw a huge spike on Feb 22, which was the day of the pre-trial conference between Ripple and the SEC. However, the spike was short-term as the market continued to drop hours later.
The whole cryptocurrency market seems to be in the middle of a wide-spreading sell-off as well. Bitcoin, the flagship cryptocurrency experienced nearly a 20% drop from its ATH, while Ethereum also followed suit.