XRP is facing a challenging period, having dropped more than 5% over the last week. This follows Ripple’s settlement with the SEC and a downturn in trading volume.
Current Situation of XRP
Currently, XRP is priced at $2.37, marking a decrease of over 5% in the last week and a 3.4% slide in the past 24 hours. This decline interrupted the rally that began after Ripple’s settlement announcement with the SEC, where Ripple agreed to pay $50 million of the originally imposed $125 million fine.
XRP Trading Volume Analysis
XRP's trading volume has sharply fallen from over $4 billion to $2.9 billion in the past week—a decline of more than 39%.
XRP/USDT Chart Analysis
Analyzing the daily XRP/USDT chart reveals two concerning bearish patterns: a head and shoulders formation and a descending triangle. Both suggest potential downside risks for XRP. While an H&S pattern is often dependable for predicting price movements, it could still be invalidated if XRP manages to break above $3.
Despite the current downturn, the outlook for XRP remains uncertain. In the short term, XRP needs to quickly reclaim the $2.50 levels to restore bullish momentum. However, the risk of significant decline persists, urging investors to be cautious.
