XRP price continues to struggle under mounting selling pressure as the cryptocurrency market undergoes a general downturn. The XRP has been grappling with declining prices, reflecting a broader correction affecting multiple cryptocurrencies. This downward trend mirrors similar challenges other major digital assets face, with the cryptocurrency market experiencing notable volatility.
XRP price is hovering below $0.6, indicating a downward trend. At the time of writing, the XRP price is trading at $0.5567, marking a decrease of 1.30% during U.S. trading hours. According to CoinMarketCap data, the trading volume increased by 32.79%, reaching $1,073,175,966, indicating a rise in market activity despite the overall price drop. Market capitalization has also decreased by 1.31%, sitting at $31,313,605,020, signaling mixed investor sentiment around XRP’s performance.
XRP Price Struggles Amid Market Volatility
After the market rebound over the past few days, the bears have regained control, driving XRP down by 2.22% in the past week. The cryptocurrency currently stands at $0.5575, with the 24-hour price range fluctuating between a low of $0.5399 and a high of $0.5671.
XRP has faced a decline from its recent peak of $0.5698, as seen in the 7-day chart, where multiple downward trends have emerged. Despite brief recovery moments, the market’s selling pressure appears to push XRP prices lower, causing concern among traders.
Ripple Fined $125 Million in Settlement
Ripple is set to pay a $125 million fine to the U.S. Securities and Exchange Commission (SEC) as part of a lengthy legal battle. The case, which began over three years ago, centers on allegations that Ripple conducted an unregistered securities offering through the sale of its cryptocurrency, XRP.
Originally, the SEC sought nearly $2 billion in penalties. However, on August 8, 2023, a federal judge significantly reduced the amount, ordering Ripple to pay $125 million.
🚨 ONLY 3 DAYS LEFT UNTIL RIPPLE IS GOING TO PAY THE $125 MILLION FINE TO THE SEC! ⏰ #XRP pic.twitter.com/aat24HSxCZ
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) September 3, 2024
Ripple had argued for a maximum fine of $10 million, making the ruling a compromise between both parties. The SEC has until October 6 to decide whether to appeal the court’s decision, though it has not yet disclosed its intentions.
The outcome of this case is being closely monitored, as it could have significant implications for the wider digital asset market, especially concerning the regulation of cryptocurrencies like XRP.
Is a Market Recovery on the Horizon for XRP?
XRP may experience a decline toward the critical support level of $0.55 as the market undergoes a correction. If the downward trend persists, prices could drop to $0.5, signaling an oversold market.
However, there is room for optimism. A rebound in bullish momentum could push XRP toward the $0.57 resistance level. Consistent trading at this level may increase to $0.58 within the week. If bullish activity surges, XRP might surpass $0.70, indicating significant gains ahead.
The daily technical chart for XRP shows a bearish sentiment creeping into the market. The Relative Strength Index (RSI) is hovering at 45, slightly below the neutral level of 50, indicating mild bearish momentum, with the potential to continue declining if selling pressure persists.
Additionally, the Moving Average Convergence Divergence (MACD) shows a weakening bullish crossover. The signal line crossing below the MACD line further supports the bearish outlook.