{"id":4303,"date":"2024-09-06T19:15:04","date_gmt":"2024-09-06T19:15:04","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=4303"},"modified":"2024-09-06T19:15:04","modified_gmt":"2024-09-06T19:15:04","slug":"is-the-ripple-xrp-price-in-major-danger-4-factors-to-consider","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=4303","title":{"rendered":"Is the Ripple (XRP) Price in Major Danger? 4 Factors to Consider"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Ripple\u2019s XRP has dropped 10% in two weeks, with declining transaction activity and a broader market downturn suggesting that its correction may continue.
\nThe ongoing Ripple v. SEC lawsuit could introduce more volatility for XRP, with recent legal developments sparking speculation of a potential appeal by the regulator.<\/p>\n

<\/a><\/span><\/h2>\n

XRP to Bleed Even More?<\/h2>\n

The past two weeks have been unpleasant for Ripple\u2019s XRP, whose price tumbled by 10% and is currently trading at around $0.53 (per CoinGecko\u2019s data).
\n<\/span><\/p>\n

<\/a>XRP Price, Source: CoinGecko<\/p>\n

While XRP bulls eagerly await a renewed price revival, some crucial factors hint that the correction might be far from over. The first element is the broader decline of the entire cryptocurrency market, where Bitcoin (BTC) <\/span>slipped<\/span><\/a> below $56,000. It will be interesting to see whether the sector recovers some of the losses incurred in the following days and whether XRP could head north, too.<\/span><\/p>\n

The second factor is the number of XRP payments from one account to another. Data <\/span>shows<\/span><\/a> that the figure has fallen from almost 570,000 on <\/span>September 1<\/span> to 370,000 <\/span>as of<\/span> today (<\/span>September 6<\/span>). <\/span>This<\/span> indicates decreased processing activity and could <\/span>be a sign of<\/span> reduced engagement within the ecosystem.<\/span><\/p>\n

For its part,<\/span> the number of active XRP accounts is down 65% on a five-day scale, reinforcing the aforementioned worrying thesis.
\n<\/span><\/p>\n

<\/a>Number of Active XRP Accounts, Source: XRPscan<\/p>\n

Last but not least, we will touch upon the number of transactions that have <\/span>been executed<\/span>. The figure spiked above 1.5 million at the start of September, only to plummet below 850,000 on <\/span>September 6<\/span>. This decline could reflect a change in market sentiment, with some investors losing confidence in XRP, thus triggering a further negative impact on the price.<\/span><\/p>\n

The Ripple v. SEC Case<\/span><\/h2>\n

The ongoing lawsuit between the two entities may also propel enhanced volatility for XRP <\/span>in the near future<\/span>. <\/span>The legal battle reached a <\/span>major<\/span> milestone <\/span>last month<\/span> when Judge Torres <\/span>ruled<\/span><\/a> that Ripple must pay a $125 million fine for violating certain securities laws.<\/span><\/p>\n

The sum represents a 94% deduction on the SEC\u2019s initial request, which caused many industry participants to declare the decision a <\/span>major<\/span> win for the company. XRP\u2019s price reacted positively, soaring by double digits shortly after the announcement.\u00a0<\/span><\/p>\n

Earlier this week, Ripple filed<\/a> a motion requesting a stay on the monetary portion of the Court\u2019s Judgment <\/span>entered<\/span> in August. <\/span>The firm\u2019s lawyers revealed that the regulator agreed with the proposed terms and\u00a0<\/span>delay<\/span> of<\/span> the payment (which was due on\u00a0<\/span>September 6<\/span>).<\/span><\/p>\n

Some X users assumed that this move could be a precursor of a potential appeal by the SEC, which might not be pleased with the initial ruling. The American attorney Fred Rispoli, for instance, <\/span>said<\/span><\/a>:<\/span><\/p>\n

\u201cGoing through all this effort\u00a0<\/span>with<\/span>\u00a0<\/span>establishing<\/span> a trust for the funds boosts chances of an appeal\u00a0<\/span>IMO<\/span>.<\/span>\u00a0But ultimately, this is just the safest\u00a0play for SEC to buy time until the\u00a0<\/span>Oct. 7<\/span> deadline to appeal.\u201d<\/span><\/p>\n

It will be interesting to follow the news surrounding the case and check if <\/span>they<\/span> will have some impact on XRP\u2019s valuation.<\/span><\/p>\n

The post Is the Ripple (XRP) Price in Major Danger? 4 Factors to Consider<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Ripple\u2019s XRP has dropped 10% in two weeks, with declining transaction activity and a broader market downturn suggesting that its correction may continue. The ongoing Ripple v. SEC lawsuit could introduce more volatility for XRP, with recent legal developments sparking speculation of a potential appeal by the regulator. XRP to Bleed Even More? The […]<\/p>\n","protected":false},"author":0,"featured_media":4304,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/4303"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4303"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/4303\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/4304"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4303"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}