As cryptocurrency prices continue their downward trajectory, Ripple’s XRP hasn’t been spared from the market’s bearish sentiment. The recent events surrounding Ripple, including its legal battle with the U.S. Securities and Exchange Commission (SEC) and subsequent appeal by the latter, have cast a shadow of uncertainty on XRP’s future. Investors and crypto enthusiasts are now left wondering: Will XRP prices crash down to $0.20 again?
A Legal Victory… But at What Cost?
In the much-publicized battle between Ripple and the SEC, the crypto firm initially emerged triumphant, resulting in a wave of optimism and bullish sentiment for XRP. Post-victory, XRP witnessed a spectacular price rally from $0.30 to approximately $0.95. This spike was largely influenced by positive market sentiment and the community’s belief in Ripple’s potential following the legal win.
However, such surges often attract profit-takers, and XRP was no exception. Prices underwent a correction, settling back down to around $0.75. The hope was that this would be a temporary setback and prices would resume an upward trajectory soon after.
XRP Price Today: The Bearish Sentiment Spares None
Unfortunately, as the broader cryptocurrency market experienced consolidation and continued bearish movement, XRP’s price was affected disproportionately. Investors, especially those who entered the market at lower price points, aimed to secure their profits amidst the uncertainty. This action initiated a snowball effect, leading XRP prices to decline further, hitting the current rate of $0.59.
XRP Price Prediction: Will XRP Crash to $0.20?
With XRP prices now below the $0.60 threshold, technical analysts are forecasting further price drops. Current predictions suggest that if this bearish momentum continues, XRP may find itself in the price bracket of $0.48 to $0.55.
If the above prices are also breached lower, we might see XRP visiting previous lows around a price of $0.20.