XRP, a leading cryptocurrency, faces challenges after a significant price drop to $2.37. Despite recent achievements, the cryptocurrency declined over the past week, losing more than 5% of its value.
Latest Data on XRP Price
According to Coingecko, XRP is currently priced at $2.37, marking a decline of over 5% over the last seven days. This decline interrupts XRP's rally that began after news of its settlement with the SEC.
Implications of Ripple's Settlement with the SEC
Ripple agreed to pay $50 million as part of the settlement with the SEC. The SEC plans to ask the court to lift the earlier imposed ban on Ripple's activities. However, the final steps of the process are still underway.
Technical Analysis: XRP/USDT Chart
The daily XRP/USDT chart analysis reveals two bearish patterns: the Head and Shoulders and the Descending Triangle. These patterns suggest possible downside risks. If the $2 support level fails, a drop to $1.20 is possible, although the $1.76 zone might offer some support for buyers.
Based on the current market structure and technical indicators, XRP continues to show bearish signals. To shift towards a more stable growth trajectory, the cryptocurrency needs to break above the $2.50 level, which could tilt the trend in favor of buyers.
