As a seasoned crypto investor with battle-scarred fingers from the volatile rollercoaster that is the digital asset market, I can confidently say that the XRP coin has been a challenging yet intriguing investment for close to four years now. The U.S. Securities and Exchange Commission (SEC) lawsuit has cast a long shadow over its price, creating an almost unending drawdown that tested even the most resilient of investors’ patience.
Over approximately four years, XRP‘s price has experienced a nearly continuous decrease, often referred to as a drawdown. This persistent decline is largely attributed to the lawsuit filed by the U.S. Securities and Exchange Commission (SEC), which has instilled bearish feelings among investors regarding the coin. However, many believed the case had concluded when Ripple Labs was fined $125 million. Yet, the SEC’s recent Notice of Appeal has significantly altered the situation.
XRP price trend and latest rebound
Significantly, the SEC’s Notice of Appeal has led to a drop in sentiment, causing the price of XRP to decrease by approximately $0.52 over the last week. As a result, some investors are withdrawing their funds from the coin due to the increased uncertainty, which suggests a high level of trust and faith within the XRP community.
Currently, the value of XRP stands at approximately $0.5377, marking a 2.07% increase within the last day. Over the course of the previous week, the coin has managed to recoup some of the losses it had incurred during that period.
Despite uncertainty about the future direction of XRP prices, the recent surge indicates a possible upward trend might be imminent. This optimistic view is strengthened by an increase in trading volume, which jumped more than 56% in the last day, reaching approximately $1.3 billion.
Confidence in XRP‘s price increases significantly as it holds steady at approximately $0.53. Should it surpass the $0.54 mark, a potential surge unlike any before could occur.
XRP growth catalysts
In the recent Bitnomial and SEC lawsuit, it has been evident that the U.S. Securities and Exchange Commission (SEC) continues to classify XRP as an investment security, as previously reported by U.Today.
Despite the ongoing lawsuits, there’s an undercurrent of expectation for an XRP-based Exchange Traded Fund (ETF) to debut in the country. Bitwise was the first to propose this idea in the U.S., and now Canary Capital has also submitted an application to list such a product.
Even though there’s doubt about XRP‘s long-term prospects, the hope that it could secure an ETF listing similar to Bitcoin and Ethereum may be fueling optimism and contributing to the upward trend in its price.
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2024-10-11 16:40