XRP Price Drop Due to XRP Lawsuit Or Crypto Market Crash?

The XRP price has recently dipped below $0.47, intensifying supply pressure and causing concern among investors. As Ripple's legal battle with the SEC concludes, significant whale activity has been observed, impacting the market sentiment. With the XRP lawsuit ending soon, and the crypto market crash, with a high potential of a soon recovery, could this be the best time to buy XRP?

XRP Lawsuit and Whale Activity

In the last 24 hours, XRP price has experienced notable whale activity, with a transaction of 37.39 million XRP tokens worth $16.06 million being sent to Bitstamp. This activity coincides with the nearing end of Ripple's legal conflict with the SEC, which began in December 2020. The ongoing case involves penalties suggested at $102.6 million for alleged unregistered securities offers through XRP sales. While some predict a conclusion by July 31 with a possible $25 million penalty, the case's complexity and potential appeals could prolong the litigation.

XRP Price Analysis: $0.47 Resistance Level Broken

XRP price recently broke through the critical $0.47 level following an 11% drop in the cryptocurrency market last week. Currently, XRP is trading at $0.425, reflecting a 1.39% decrease in the last 24 hours, with trading volume up by 77.62%. If XRP can surpass the $0.45 level, it may test the $0.47 resistance. Conversely, a decline below $0.40 could see the price drop to the $0.34 support level.

BUY Low & SELL High: How to BUY XRP?

With the recent XRP price drop and with the ongoing legal XRP lawsuit, the XRP price might most likely recover or even go up to new highs. With this chance, it's a good time to buy XRP now. And to buy XRP on Bitget, follow these simple steps:

1. Sign Up: Create an account on Bitget by visiting their website and completing the registration process.
2. Verify Your Account: Complete the KYC (Know Your Customer) verification to ensure your account is secure and ready for transactions.
3. Deposit Funds: Deposit funds into your Bitget account using your preferred payment method, such as a bank transfer or credit card.
4. Navigate to XRP: Go to the trading section and search for XRP in the list of available cryptocurrencies.
5. Place an Order: Choose the amount of XRP you wish to buy and select either a market or limit order based on your preference.
6. Confirm Purchase: Review your order details and confirm the purchase. Your XRP will be credited to your Bitget account.

By following these steps, you can easily buy XRP on Bitget and add it to your cryptocurrency portfolio.

The ongoing XRP lawsuit between Ripple and the SEC continues to influence XRP's price movements. While the market remains volatile, the outcome of the case and subsequent whale activity will play critical roles in shaping XRP's future.

by cryptoticker.io