Ripple Price: XRP Dips to $0.49 – Reasons Behind the Fall

XRP Drops 2%

XRP has experienced a minor decline of 2% in the last 24 hours. The token’s value bounced back within a small consolidation range after an initial decline of 4%. At 1:30 a.m. EST, XRP was trading around $0.49 with a 2.4% loss in market capitalization and a 4.5% dip in trading volume.

The US SEC – XRP’s Primary Price Action Driver

The SEC has played a significant role in the volatile price action of XRP. Ripple’s partial victory over the SEC initially caused an 80% rally in the XRP price, but the excitement waned when the SEC announced its intention to appeal the ruling. This, combined with Bitcoin’s decline below the $29k mark, further pushed down the XRP price.

Ripple’s Short-Term Price Analysis

XRP has been trading sideways around $0.49 over the past nine hours. A breakout from the upper trendline could lead to a minor rally towards $0.5, while a breakdown from its current support may push the token to new lows.

XRP Long-Term Price Prediction

The weekly chart for XRP suggests a price pattern similar to December 2020, and the RSI indicates a potential downtrend. However, the future of XRP depends on factors such as the upcoming Bitcoin halving and the resolution of the SEC vs. Ripple case. If Bitcoin’s price experiences tailwinds and the case is resolved favorably, XRP may retest its all-time highs in 2024.

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Hot Take

Despite recent declines, XRP’s future remains uncertain due to external factors such as the SEC case and Bitcoin’s halving. In the meantime, alternative investments like Wall Street Memes may provide opportunities for crypto enthusiasts.