XRP Faces Market Struggles Despite SEC Victory

Recent developments in the Ripple case have brought clarity to XRP’s legal status, but the cryptocurrency is still struggling in the market.

XRP Drops 11% Despite SEC Victory

Despite the U.S. SEC dropping its appeal in the Ripple case, bringing clarity to XRP’s non-security status, the token has faced market struggles. Active addresses have plummeted nearly 70%, and the price has slumped 11% in just a week. Weak buying pressure and declining addresses signal cautious sentiment among investors.

Ripple Price Analysis: Is the Worst Over for XRP After 10% Weekly Correction?

Ripple recently faced rejection at the 100-day MA of $2.5, leading to a substantial decline. However, the price is now approaching a confluence of key support zones, including the 0.5 Fibonacci retracement level ($1.9), the 200-day moving average ($1.7), and the expanding wedge’s lower boundary. This suggests strong demand in this price range, likely preventing further downward movement and indicating potential consolidation in the mid-term.

XRP Price Decline Below $2.20 Zone

XRP price has started a fresh decline below the $2.20 zone and is now trading below $2.150 and the 100-hourly Simple Moving Average. The price failed to clear the $2.220 resistance zone and is showing bearish signs, possibly extending losses if it breaks the $2.050 support zone. A connecting bearish trend line is forming with resistance at $2.1480 on the hourly chart.

Ripple (XRP) Worst-Performing Crypto Asset Out of Top 20

Despite positive news of the end of the lawsuit between Ripple and the US SEC, XRP has been one of the biggest losers in the cryptocurrency market in recent days. The asset’s price briefly shot up to $2.6 on March 19 after Ripple CEO Brad Garlinghouse announced the lawsuit’s end, but it was a classic ’sell-the-news’ event, and the price nosedived shortly after. Even the confirmation of the lawsuit closure last week failed to impact XRP positively.