XRP, which once competed with Ethereum for the 2nd position on CoinMarketCap’s charts, has now dropped to 4th place in the ranking. It is stated that this decline may continue for a while. Although no one expected the SEC’s lawsuit against Ripple and XRP, this result was inevitable.

 

Ripple price fell 72% in the last 35 days, and 16.3% in the last week alone. This drop is likely to continue, but let’s take a look at the price of XRP and see what we can expect.

Ripple (XRP) price chart


All annual returns have been deleted

The chart above highlights the price performance of XRP from a different perspective. Except for an increase to $ 0.79, the cryptocurrency has traded horizontally throughout most of 2020, from mid-2019. Let’s take a look at how XRP is performing, focusing on 2020.

Considering the rise to $ 0.79, XRP’s annual returns were at 181% on November 23 but are currently only 0.46%.

Another interesting observation is that XRP is under $ 0.30 for 313 days this year.

Similarly, XRP traded below $ 0.40 for 333 days.

With these observations, it would not be cruel to conclude that the XRP died, perhaps long before the SEC filed a lawsuit. As a speculative asset for trading, XRP did not offer much as its price has always remained constant, but with the SEC’s lawsuit, speculative trading in XRP has disappeared, at least in the US.

See Also
Will Ripple issue a Stablecoin that Sec sues?

At the time of this writing, almost all major crypto exchanges bid farewell to XRP, with the exception of Kraken. This partially explains the reason for the price drop of XRP. If Kraken does the same, we can expect the price to drop further.

The chart above highlights the key trend line at $ 0.1140. This level was touched in 2020, and if XRP revisits this level, it may be possible to say that it has reached a point of no return. Currently, most XRP owners have abandoned ship or are in the process of doing so.

Finally, any observation of cryptocurrency’s indicators is pointless, as XRP doesn’t seem to have much of a chance other than going down right now.

LEAVE A REPLY

Please enter your comment!
Please enter your name here