What Lawsuit? XRP Price showing Strength! Jump on Board?

Ever since the lawsuit back in December 2020, XRP prices fell from their high of USD 0.75 all the way back to their initial consolidated price of USD 0.17 as investors feared what the future holds for Ripple company. What happened to the price of XRP and how is the price reacting to cryptocurrency market news?

XRP Price Prediction – Current Snapshot

After the XRP price crash, the price dropped massively and it was the “talk of the town” for a good 2 weeks. This FUD started to fade away as the cryptocurrency market boomed in the first 2 weeks of 2021, where the price of XRP jumped back from USD 0.20 all the way to USD 0.37 making a hefty 71% gains in a matter of 24 hours.

XRP/USD 2-hour chart showing a price hike for XRP of 71%
Fig.1 XRP/USD 2-hour chart showing a price hike for XRP of 71% – TradingView.com

Currently, the price of XRP adjusted back to USD 0.27 and seems to enter “consolidation mode”. This move comes in tandem with the whole cryptocurrency market, which witnessed a price correction alongside Bitcoin.

XRP/USD 2-hour chart showing a consolidation in prices
Fig.2 XRP/USD 2-hour chart showing a consolidation in prices – TradingView.com

This sideways trend is delimited by the strong support price of USD 0.25 and the resistance of USD 0.30.

What’s the future of XRP?

It all depends on how the SEC lawsuit progress later this year. We discussed in a previous article why it is most likely that Ripple will be able to brush off the lawsuit by simply settling, as the lawsuit is a civil one and not a criminal one. It is important as well to keep a steady momentum in prices, as any negative market news will definitely affect investors.

Currently, with the Spark airdrop events, there seem to be a high anticipation for positioning:

Spark IOU has been airdropped to Poloniex customers who held XRP at the time of our snapshot at a 1:1 ratio. Customers can now begin trading XFLR/USDT. Since XFLR is an IOU token, it cannot be deposited or withdrawn. Once the Flare network launches in a couple of months, we will snapshot all XFLR balances and convert them to FLR for customers. The conversion ratio of XFLR : FLR will be dependent on the final amount we receive in the Spark airdrop.

Poloniex Exchange News

The Cryptocurrency market as a whole

After a massive price adjustment, it seems that prices are starting to slightly recover. In the past 24 hours, XRP didn’t show any significant variance. On the other hand, Polkadot which managed to surpass XRP by market cap, was up 6%:

1- Bitcoin (BTC) : + 1.83 %

2- Ether (ETH) : + 4.85 %

3- Tether (USDT) : 0 %

4- Polkadot (DOT) : + 5.89 %

5- Ripple (XRP) : + 0.77 %

6- Cardano (ADA) : + 4.66 % 

7- Chainlink (LINK) : + 12.56 % (Surpassing Litecoin and Bitcoin Cash)

8- Litecoin (LTC): – 1.24 %

9- Bitcoin Cash (BCH) : – 1.22 %

10- Binance Coin (BNB): + 0.50 % 

Stay Ahead, Stay Updated
Rudy Fares

Ripple Price Analysis
Ripple Price Analysis© Cryptoticker
scroll to top