XRP Remains Undeterred as the Crypto Market Faces SEC Litigation
XRP maintains a $0.50 price mark despite the market downfall, caused by recent SEC lawsuits.
XRP Remains Unfazed
As an impact of the SEC lawsuits filed by the agency against Binance and Coinbase, the crypto market is seeing a downtrend. Over the week all crypto coins in the top 100 list are currently in red, except four. Among them is Ripple’s native XRP.
Currently trading at $0.53, XRP is up 2.11% in the day and 3.46% over the week. Further, during the past 30 days, XRP has gained Value by 24.46%, as the average price has remained above $0.47 in the meantime. Considering recent market behavior, this is a rather strong performance.
Will XRP Continue its Upwards Movement?
Looking at the data it is clear that XRP is in a good position for the coin’s future price behavior. Recent data showed an impressive spike in XRP’s active on-chain addresses. Which is a strong indicator that XRP will continue its upward movement.
Further, XRP’s mention rate on social media also remains impressive. Notably, XRP hit a 1-year high social media volume on June 1st. According to the data, XRP is currently one of the most used crypto-related keywords in social.
However, as popular as XRP is on the Internet, this could have some negative short-term repercussions. Famous crypto analyst Ali Martinez recently tweeted:
“Although this may seem like a sign of strength for Ripple, the crowd is well aware of it as mentions on social media surged. This isn’t good for the price of XRP.”
$XRP remains above $0.50 after the @SECGov sued @binance and @coinbase, while most #altcoins dipped.
Although this may seem like a sign of strength for #Ripple, the crowd is well aware of it as mentions on social media surged. This isn't good for the price of #XRP. pic.twitter.com/96n8jywOg8
— Ali (@ali_charts) June 8, 2023
Martinez’s tweet stems from the belief that the growing knowledge and interest among retail investors and crypto enthusiasts might unintentionally contribute to a situation where there is a higher likelihood of selling pressure or speculative activity. As a result, such dynamics could potentially have an impact on the stability of XRP’s price.
