This week was challenging for XRP, as it underperformed compared to major cryptocurrencies. The article examines recent declines triggered by the news of Ripple's settlement with the SEC and explores potential prospects.
XRP Market: Recent Changes
This week, XRP fell over 5% to $2.37, while other major cryptocurrencies like Bitcoin and Ethereum showed gains. These losses coincided with news of the resolution of Ripple's legal dispute with the SEC, where Ripple agreed to pay $50 million of the initial $125 million fine.
XRP/USDT Chart Analysis
The analysis of the daily XRP/USDT chart reveals two bearish patterns—head and shoulders and a descending triangle. These patterns may indicate potential downside risks, though breaking above $3 could change the scenario.
Prospects and Risks for XRP
If XRP fails to hold the $2 support level, a decline to $1.20 is possible. However, the $1.76 zone, aligning with the 200-day moving average, may offer support. Current market behavior calls for caution from investors.
At the moment, XRP is experiencing instability due to the SEC resolution and bearish patterns. This requires caution from investors, given the potential for further volatility.
