XRP News: Price Decline Continues, Potential Market Shock After Lawsuit Predicted

The fourth-largest cryptocurrency by market capitalization, XRP, has been experiencing a decline in price since reaching an all-time high earlier this year. Here’s a summary of the current situation and future predictions.

XRP Price Continues to Fall

XRP, the fourth-largest cryptocurrency by market capitalization, has seen its price continue to decline since reaching an all-time high of $3.40 on January 16. The asset remains under pressure, with waning buying interest hinting at the possibility of further losses. It currently trades at $2.11, below its 20-day exponential moving average, within a descending parallel channel, indicating a bearish trend.

XRP May See Market Shock Post-Lawsuit, Predicts Bitwise CIO

Bitwise Chief Investment Officer Matt Hougan believes that XRP, long restrained by litigation with the US Securities and Exchange Commission (SEC), may be significantly undervalued. The crypto asset has faced legal uncertainties since 2020, leading to its delisting from several major exchanges. Hougan predicts a sharp market correction following a favorable resolution to its legal entanglements.

XRP Surge Proves Cryptocurrency Markets’ Unpredictability

Forbes had previously labeled XRP as a “crypto zombie” due to its unsuccessful attempt to reshape global finance. Despite concerns regarding its future outlook when it retained a position at $0.60, the token value surged to $2.86 in December. This resulted in a $5,000 initial investment turning into $28,000 or more. The wrongness of media doubts about XRP has motivated investors to seek the next big crypto project, such as Remittix.

Franklin Templeton Plans to Launch XRP ETF

One of the world’s largest asset managers, Franklin Templeton, is planning to launch an ETF that will track the spot price of the Ripple cross-border payment token XRP. The firm made a preliminary prospectus filing for the product with the Securities and Exchange Commission on March 11. The filing is part of a recent trend of spot altcoin ETF applications by asset managers. Franklin’s XRP ETF is set for listing on the Cboe BZX Exchange, with Coinbase appointed as the custodian for the fund’s holdings. In February, Franklin Templeton also filed for an ETF tracking the spot price of Solana (SOL).