Amid recent declines in XRP's price, investors are closely watching the token's movement. Despite previous growth due to the settlement with the SEC, recent market data shows a downturn.
Current XRP Performance
As of this writing, XRP is priced at $2.37, reflecting a decline of over 5% in the past seven days and 3.4% in the past 24 hours. This downturn occurs alongside gains in other cryptocurrencies like Bitcoin and Ethereum.
Ripple's Financial Settlement with the SEC
The legal settlement between Ripple and the SEC has reached a critical juncture, with Ripple paying $50 million of the originally levied $125 million fine. The SEC is also initiating the process to lift the ban against Ripple, which contributed to the initial rise of XRP starting March 19.
XRP/USDT Chart Analysis
The XRP/USDT chart analysis reveals two bearish patterns—head and shoulders and a descending triangle—that may signal further risks for the token's price. If XRP fails to hold the $2 support level, a decline of 40% to $1.20 is possible.
Despite potential market risks, caution is advised. It's important to monitor the $2.50 level as a critical point for a return to higher market positions.
