In the past 24 hours, the XRP price has decreased by 1.99%, falling below US$0.51
Crypto News: The native coin of the XRP Ledger, XRP, has had a precipitous drop in value over the last day, hitting the US$0.51 support level. Several elements that might have an impact on XRP’s future are present along with the price reduction.
XRP is now trading at US$0.5045, down 1.99% from the previous day. XRP is the sixth-largest cryptocurrency by market size, with a market value of US$27.48 billion. US$593.81 million has been traded on XRP in 24 hours, a 15.80% decrease from the previous day. XRP hasn’t been able to break over the US$0.60 resistance level, spending the last week trading in a narrow range between US$0.50 and US$0.55.
The recent revelation of a potential US$112 million XRP hack is one of the things that can hurt the XRP price. TechCrunch claims that hackers took money from the personal XRP accounts of Ripple’s chief technical officer, David Schwartz, and co-founder of both Stellar and Ripple, Jed McCaleb. The hackers were able to get the account secret keys and move the money to their wallets by taking advantage of a flaw in the XRP Ledger. A service called XRPL Monitor, which keeps track of XRP transactions on the ledger found the attack.
The continuing legal dispute between Ripple and the SEC is another piece of news that may have an impact on the price of XRP. According to the SEC, federal securities laws were broken when Ripple and its officials offered XRP as unregistered securities. In response, Ripple says that XRP is a digital asset and not a security, refuting the accusations. If the parties don’t agree then, the matter is scheduled to go to trial in February 2024.
Since a settlement may end the regulatory ambiguity and enable XRP to restart operations in the US market, it might be a good catalyst for the price of XRP. But, a settlement can also come with a sizable fine for Ripple and the potential for the corporation to burn tokens representing XRP that are being held in escrow. Token burning is the process of taking a specific number of tokens out of circulation to make the remaining tokens more valuable and scarcer. It would, however, potentially lessen XRP’s usefulness and liquidity as a bridge currency for international transfers.
Several factors, including market outlook, the state of the law, technical analysis, and whale movements, affect the price forecast of XRP, the native cryptocurrency of the XRP Ledger.
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According to Forbes Advisor Australia, if XRP can secure 10% of the global cross-border payments industry, its price may potentially reach US$2.17 by 2029. This scenario, though, is contingent upon the resolution of the legal dispute between Ripple and the SEC, which may help or impede the uptake of XRP.
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NewsBTC predicts that XRP may reach a price of US$5.5. If XRP breaks over the US$0.60 resistance level, it might soon reach this level, which is a huge milestone.
As you can see, there are a lot of unknowns and factors involved, making the price prognosis for XRP unclear. Therefore, before investing in XRP or any other cryptocurrency, you should always conduct thorough research and exercise caution.
In the past day, XRP’s price has dropped 1.99%, hitting a low of US$0.51. This occurs amid a range of influential causes and a divided feeling in the market. Investigations are underway over a possible breach of US$112 million XRP from the co-founder and CTO of Ripple’s accounts. Ripple and the SEC are fighting in court at the same time, and the outcome might be a token burn, a trial, or a settlement. Another factor is the XRP burn mechanism, which eliminates a small portion of XRP for every transaction to stop spam. Furthermore, the behavior of big XRP holders, or “whales,” may predict future market patterns. XRP aficionados and investors should keep a careful eye on these developments since they might have a big influence on the price of XRP.
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