This past week, XRP underperformed amid gains in major cryptocurrencies, following Ripple's significant legal settlement with the US SEC.
SEC Settlement and Its Impact
Ripple's settlement with the SEC was a pivotal event, with the company agreeing to pay $50 million of the initial $125 million fine. This news sparked a rally for XRP starting March 19, but recent price declines indicate renewed selling pressure.
XRP/USDT Chart Analysis
Technical analysis of the XRP/USDT chart indicates the formation of two bearish patterns: a head and shoulders and a descending triangle, suggesting potential downside risks. A break below $2 may lead to a significant decline to $1.20, although the $1.76 zone might provide some support.
XRP's Price Outlook
The current market structure warns of downside risks, but recovery is still possible. XRP needs to reclaim the $2.50 level to improve its market position.
Despite recent declines, the completed SEC settlement and chart indicators suggest the potential for both further declines and recovery in XRP. Investors should closely monitor key support and resistance levels.
