• XRP price has fallen by 3% in the last 24 hours, dropping to $0.387535
• SEC’s lawsuit against Terraform Labs and its CEO Do Kwon yesterday is partly responsible for today’s marketwide fall
• Ripple’s case with the SEC could end by the first half of 2023 or by the end of year at the latest
XRP Price Falls 2.3% in 24 Hours
The XRP price has dropped by 3% in the past 24 hours, falling to $0.387535 amid a marketwide fall today. Although it has increased slightly over the course of a week, there was a very slight 0.2% drop in value over the last 30 days as investors continue to wait for news about Ripple’s ongoing legal battle with the US Securities and Exchange Commission (SEC).
SEC Lawsuits Affecting XRP Prices
The market crash today can be partially attributed to SEC’s lawsuit against stablecoin issuer Terraform Labs and its (fugitive) CEO Do Kwon yesterday. Despite this, many members of the XRP community are optimistic that Ripple will emerge victorious from their case with SEC due to some favorable rulings granted by court overseeing it over past year or so..
Short-term Support Level for XRP
In terms of short-term outlook, traders should be aware that relative strength index (RSI) has dropped below 50 in past day while 30-day moving average stopped increasing relative to 200-day average. The key support level currently is around $0.38 and if it drops below this point then it could go all way down to around $0.36 as seen at start of this week.
Longer-term Outlook for XRP
As far as longer term outlook goes, holders are still waiting patiently for conclusion of Ripple’s case against SEC which could happen during first half of 2023 or latest by end of year according to an interview given by Ripple CEO Brad Garlinghouse last month. If judgment enables them to continue their business then XRP prices have potential for good growth in 2023.
Conclusion
Overall, despite recent dip in prices due to SEC lawsuit against Terraform Labs and its CEO Do Kwon yesterday, XRPs long term outlook remain relatively positive as long as Ripple emerges triumphant from its battle with US Securities and Exchange Commission (SEC). Short term support level is around $0.38 while medium term support lies near $0.35 mark if market downturn further continues