Ripple

XRP is On Its Way Towards A 20% Correction! Will This Ruling In Ripple’s Lawsuit Handcuff The Bears?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Mar 15, 2022

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Highlights

    XRP price heads towards its bearish week, which could open up a possible plunge upwards of 20%.

    Crypto investors and traders factor in the possibility of the lawsuit granting an interim relief.

  The folks from the global crypto market are anxious about, how the week will unfold. As major announcements remain in opposition of the industry. Meanwhile the XRP army holds anxiety around the price action of XRP. A number of indicators hint at the call of the bears. Which could open up a possible plunge in XRP price upwards of 20%.

However, the investors and traders factor in the possibility of the lawsuit granting interim relief. In addition to the network’s fundamental traits and initiatives. Which could collectively help the price trajectory rebound from its bearish projection.  

Will These Rationales Help XRP Price Refute Bearish Signals?

  XRP price is fearing its first encounter with the bearish week of 2022. Which could prevail, for justifiable reasons such as a huge balance on Ripple’s escrow. XRP price consolidating within the descending triangle since its 2021 highs. And its price correlates with social dominance. 

However, investors and traders factor in the possibility of the lawsuit granting interim relief. Alongside the network’s fundamental traits and initiatives. The optimistic hopes go undeniable, as Santiment in a recent post brings to notice that XRP alongside Bitcoin and Binance coins are showing signs of traders expecting price rises. 

Successively, we can expect a notable rise in XRP price if major rulings prevail in favour of Ripple. We have previously seen XRP registering double-digit gains following the court’s recent ruling. Conversely, barring from any appeals for an extension to respond to the motion to strike the supplemental report. SEC’s objection is due on the 16th of March 2022.

The network holds notable strengths in its fundamental traits and initiative. Which could help propel the price of XRP to higher cliffs. Such as the protocol’s stronghold with CBDCs and cross-border payments. In contrast, Ripple’s announcement of on-boarding 4000 creators into its NFT platform with its >$250 M creator fund. Both of which have fueled optimism in the community.

Summing up, while netizens are optimistic about XRP reinitiating a 2017 like rally. Owing to the lawsuit evolving in favour of the defendants. And executive order revolving around CBDCs and cross-border payments. We can expect a notable plunge to the said degree, for the short-term. As major happenings in the lawsuit are far from reach. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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