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XRP Prices in Downtrend Due to Overall Market Turbulence

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The SEC accused Ripple, Garlinghouse, and co-founder Christian Larsen of selling $1.3 billion worth of XRP coins in an unregistered securities sale last December. However, Ripple and its management claim XRP is not a security. Garlinghouse tweeted about XRP’s progress during the past year with ODL expansion & MENA traction. Further announcing plans of hiring for the expansion.

Great to catch up with you @dan_murphy at #FTAD! Despite (regulatory) headwinds in the US, @Ripple has had a blockbuster year with ODL expansion & MENA traction, and we are gearing up to hire a few hundred people next year to fuel our growth. 1/2

— Brad Garlinghouse (@bgarlinghouse) November 23, 2021


 Garlinghouse sees progress in the SEC v. Ripple case. In October, Brian Armstrong, CEO of Coinbase, stated the SEC v. Ripple lawsuit was going better than expected. Coinbase delisted XRP in January, shortly after the SEC sued Ripple and its executives. Garlinghouse noted that the judge indeed asked excellent questions. And he thinks the judge gets it. Furthermore, he suggested it is a far-reaching result.

Ripple’s legal team said they had no intention of compromising with the SEC. Furthermore, the bitcoin community may be glad when this high-profile litigation ends. While Ripple’s activity has grown faster than other prominent digital assets, its coin XRP has not been immune to market turbulence, according to Santiment analyst Brian. 

 “This would point to a potential sort of bullish divergence right when a coin’s price action starts to decline however the amount of network-level activity and daily interaction with the blockchain seems to maintain upward momentum. This might be a positive sign.”

According to CoinMarketCap, the XRP price today is $1.06 USD with a 24-hour trading volume of $3,202,443,836 USD. XRP is up 3.58% in the last 24 hours.

XRP’s MACD is now below zero, suggesting a downward trend. An RSI of 41 indicates it is reaching oversold territory. Not surprisingly, XRP has lost approximately 5% of its value in the previous month. The upward resistance is at the $1.06 price level, while the downside support is at the $1.01 price level. XRP may rise in the coming weeks if the overall market restarts its Bull Run.



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