Things are not looking good for XRP. At least, that’s from a technical perspective. Regarding Ripple’s ongoing lawsuit against the US Securities and Exchange Commission, which accused the global crypto payments company of selling XRP as an unregistered security, no one knows what is going to happen. The judge presiding over the case is expected to make a ruling by the end of this quarter as to whether the case goes to trial or not and XRP bulls are hoping that Ripple might be able to force the SEC into a settlement.
Regarding XRP’s technicals, the cryptocurrency’s ongoing slump since posting yearly highs in January in the $0.43 area is raising the prospect of a retest of 2022 lows in the $0.30 area. XRP/USD was last changing hands in the mid-$0.36s, down a further more than 2.0% on Monday, taking losses on the month to just shy of 10%. Price predictions are thus becoming more pessimistic.
XRP is falling in tandem with the broader cryptocurrency market, which is weighed down by concerns about the SEC’s latest regulatory enforcement actions against BUSD stablecoin issuer Paxos. The cryptocurrency’s upside has been capped by a downtrend since last September and has bottomed in the $0.30 area twice since then. A repeat of history looks like it may be on the cards.
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