XRP’s Volatility Continues Post-Lawsuit Ruling: XRP Price Might Drop To $0.5 Levels

The post XRP’s Volatility Continues Post-Lawsuit Ruling: XRP Price Might Drop To $0.5 Levels appeared first on Coinpedia Fintech News

XRP, the digital asset backed by Ripple, has been on a wild ride of volatility following a recent court ruling in a lawsuit. The price of XRP saw a staggering 100 percent rally immediately after the ruling, only to retrace more than 25 percent subsequently, accompanied by a notable decrease in trading volume.

Recent data from crypto price oracles reveals that XRP’s daily traded volume has plummeted from over $10 billion to approximately $1.4 billion since the legal decision. This shift in demand can be attributed partly to the rising popularity of alternative altcoins like Shiba Inu (SHIB), which are currently offering more appealing trading opportunities.

Surprisingly, despite the price turbulence, data from on-chain sources indicates that XRP whales have been steadily accumulating digital assets throughout the past year, seemingly unfazed by the market’s ups and downs. This consistent accumulation pattern suggests a bullish long-term outlook for XRP among these influential investors.

XRP Price Analysis

Notable crypto analyst Nick from Cheeky Crypto has delved into the current state of XRP’s price, offering insights into its potential trajectory. According to Nick’s analysis, XRP appears to be on the cusp of entering its third wave within the ongoing correction phase.

He predicts that the price of XRP could witness a rebound in the near future, possibly reaching 66 cents before undergoing further retracement. Notably, Nick identifies a crucial support range for XRP between 53 cents and 58 cents.

However, Nick urges caution for XRP traders who are expecting an immediate surge towards the $1 mark. He points out that the bullish momentum seems to have subsided, with a three-wave Elliott structure completed on the weekly time frame.

Anticipating a larger market correction, Nick outlines the potential for a macro ABC wave correction that could push the XRP price down to 48 cents. It’s worth noting that this scenario might be invalidated if an unexpected upward movement to $1 occurs within the coming months.

In conclusion, the recent developments surrounding XRP have created a tumultuous market environment, with price swings and changing trading dynamics. Despite short-term uncertainties, the accumulation behavior of XRP whales and insights from analysts like Nick highlights the complex and evolving nature of the cryptocurrency landscape.