XRP Price Prediction: Will Ripple Bulls Regain the $0.50 Psychological Position?

Ripple's XRP has come under immense pressure this week as the wider market faces heightened volatility. XRP investors are now closely watching prices

XRP price analysis reveals a bullish trend with a 1.4% gain over the last 24 hours. However, the coin has seen a decrease of almost 7% this week, bringing its current price to $0.4995.

Despite the rise, XRP risks falling out of the top ten cryptocurrencies if it fails to maintain its position. The bulls are attempting to regain the psychological level of $0.50, which serves as a crucial support for XRP.

The price trend of XRP is largely influenced by macroeconomic factors, particularly Bitcoin’s price movement. However, the Ripple v. SEC case has a significant impact on the short-, mid-, and long-term trends of XRP.

Defense attorney James K. Filan recently provided updates on the case, highlighting how new developments could be affecting the bearish pressure on the digital asset.

Filan shared details of a recent court filing by Ripple in the SEC lawsuit, which adds another layer to the already complex legal battle. Ripple filed a Notice of Supplemental Authority, referencing a recent settlement in the SEC vs. Terraform Labs case.

While this case pertains to a different crypto project, Ripple argues that it has relevance to their situation. The SEC entered into a settlement agreement that could see Terraform paying nearly $5 billion for orchestrating unregistered token sales, which led to over $4 billion in purportedly “ill-gotten” gains.

At the outset of the Ripple case, the SEC sought around $2 billion in penalties from Ripple but later revised this to a little over $100 million. The company, on the other hand, maintains that the penalty should not exceed $10 million.

The outcome of this case will not only set a precedent for the crypto industry and trigger an XRP price rally but could also pave the way for other developments, such as an XRP ETF, a Ripple IPO, and multiple network integrations and partnerships with multibillion-dollar companies.

One such collaboration was celebrated earlier this week as Ripple joined forces with Archax. As CNF reported, Ripple announced its collaboration with Archax, a regulated digital asset authorized by the UK’s Financial Conduct Authority, with the aim to bring hundreds of millions of dollars worth of tokenized real-world assets (RWAs) onto the XRP Ledger (XRPL) over the next year.

This will position the XRPL as a leading blockchain for RWA tokenization. Ripple CEO Brad Garlinghouse also shared his excitement regarding the collaboration, which will integrate RWAs into the XRP Ledger.

News source：

https://www.kdj.com/cryptocurrencies-news/articles/xrp-price-prediction-ripple-bulls-regain-psychological-position.html###

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