Max Prime recently called XRP the ‘biggest scam’ in the market. This came in the wake of a recent landmark court case in which Ripple came out victorious.
The verdict was expected to have a positive effect on the price of XRP. However, the cryptocurrency could not sustain its temporary spike immediately after the verdict.
On August 7, Ripple was penalized $125 million, far below the $2 billion that the SEC had asked for. Concurrently, the crypto’s price rose to $0.50 after the judgment and then surged to $0.64. However, it fell to $0.60 and then to $0.5475 in a few days.
XRP Historical Underperformance and Community Reactions
Since 2018, XRP has not been able to hit new ATH, with the last peak at $1 in 2021. For this reason, Ripple’s lawsuit, which investors hoped would trigger a large price hike, has not been realized.
Although there has been an apparent move by Ripple to promote the coin and the XRP Ledger in the Web3 ecosystem, Ripple’s market standing has not been reversed. This has made investors and other market evaluators wonder if XRP is capable of making a remarkable turnaround in price.
Ripple’s Efforts and Market Response
While striving to place the XRP Ledger in the middle of the new Web3 era, Ripple has also announced a new partnership with the SBI Digital Community. However, the market was not affected because the price of XRP altered very little in response to this occurrence. These have all contributed to more discourse in the market, even as the market remains utterly unaffected.
Furthermore, the XRP community can be quite divided; there are those who have doubts and those who are very optimistic. Although some of the members have cast their doubts, others still believe that XRP can increase in value.
XRP Analysis of Future Prospects
XRP is under close scrutiny by market analysts to pick up the first signs of a reversal. Additionally, the golden cross, a technical chart indicator, shows if the 200-day EMA crosses above the 50-day EMA, it may result in a bullish price action. This scenario could see the cryptocurrency testing the resistance levels at $0.65.
On the flip side, if the bullish breakout is not started, then the crypto may not be able to sustain even the $0.055 level of support.
Market Trends and External Influences
Besides, the remaining broader crypto market, including the recent growth of Bitcoin and Ethereum based on ETFs, can also affect the XRP price. However, the market is balanced, with not much demand or supply pressure. This balance makes the future movements of XRP significant for investors searching for signs that the price rally may continue or stagnate.
Ripple’s legal triumphs and new collaborations have not brought the desired effect to the price of XRP. This lack of momentum has resulted in criticism from certain commentators who have accused the crypto sector of failing.
At the time of writing, XRP is trading at $0.5737 with a 24-hour change of 1.36%. The coin has seen an increase in market capitalization, which is roughly $32.19 billion. Nonetheless, the trading volume has dropped by 10.57% to $592,144,645. Such a trend may be attributed to investors consolidating in the wake of recent market activities.
