XRP price is tested again again again in several occasions nowadays, in a recent move, Coinbase has suspended XRP trading WEF from Jan 19 2021.
The delisting is expected to continue with all the other major exchanges, based in the US.
The XRP community, however, is awaiting a public release from the Ripple authorities regarding the current situation
XRP Price Dipped more than 30%
XRP price is dropping further while many of them are interested to take an entry into the XRP Army. Monday recorded nearly 40% plunge in the XRP price followed by another 35% plunge on Tuesday.
Additionally, the plunge accelerated following the announcement from the Coinbase of suspending the XRP trade from January 19, 2021. The other platforms joining Coinbase is Crypto.com and Okcoin.
However, a financial analyst has some different perspective regarding the ongoing XRP lawsuit. According to CryptoWhale, Tesla was also sued by the same SEC in 2018 and everyone predicted the stock price would crash to zero. But now its booming and the same is happening with XRP.
The analyst also said that in short term XRP price would dip a little more but considering long term, it will surely succeed. And he thinks that Tesla price is very overvalued and will ultimately drop.
Will XRP continue to be a Global Payment Network?
Ripple’s foundation which is well-known to offer the user a smooth, tangle-free and cost-effective cross border payments using its native token XRP, is facing pretty hard days now. The SEC lawsuit is compelling the major US-based exchanges to either delist the currency or suspend the trading.
Many say that nearly 90% of the XRP user base resides in the other parts of the world other than the US and hence the SEC lawsuit might moderately impact the XRP price. But the XRP price plunged heavily flipping the prediction.
Additionally, if XRP gets delisted in most of the US-based exchanges, it will not be circulated nor operated in the USA means it can no longer be a means of global payment network as said by CEO of nuggets news and a crypto analyst Alex Saunders.
Collectively, XRP price is currently dipped profusely touching $0.199 with a loss of nearly 32.39 percent in the last 2 hours. However, more dip is still expected in the coming days if more US-based exchanges continue to delist the asset. On the contrary, the strong XRP community believes the dumping of the XRP price is yet another ‘buy at the dip’ moment of the asset and also they await some response from the Ripple authorities.