Ripple Faces $2 Billion SEC Fine, XRP Price Prediction: Is a Crash Coming?
Over the past 24 hours, the price of XRP has dropped by 1.5% to $0.5136, following the SEC’s motion to impose a near $2 billion fine. Over the last week, XRP saw a modest decline of almost 1%, and over the past month, it experienced a 17% decrease. However, it recorded a moderate annual growth of 20%.
Relative to other major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), XRP has significantly underperformed. This trend suggests that XRP might witness a potential surge in the coming months, especially if the final fine is less severe than feared, potentially freeing Ripple from prolonged legal disputes.
As with most of the market, XRP’s charts show a downtrend, with weak indicators suggesting that the pain might last a few more days before improving. The 30-day moving average (orange) recently dipped below the 200-day average (blue), indicating a need for more time to hit bottom. The Relative Strength Index (purple) also dropped below 40 after maintaining a level above 50 for several days, hinting that a recovery could take a couple more days, though further significant losses are unlikely.
This coin’s lack of progress during recent bull markets is mainly due to the ongoing Ripple-SEC case. As the case nears conclusion, Ripple is pushing for a settlement fine around $10 million, while the SEC aims closer to $2 billion.
The only thing left now is to wait for the judge’s decision, with the SEC having filed what might be their final response yesterday. Prominent attorney Jeremy Hogan anticipates a decision by July or September at the latest.
Regardless, a final settlement will allow Ripple to reduce its losses (in terms of fines paid) and continue its operations. It will be poised to expand its cross-border payment services again, likely boosting investor confidence in XRP. Thus, there is a potential for a significant price increase, with XRP possibly reaching $1 by year-end.
