The Ripple price is under a lot of pressure, but when it comes to predicting XRP’s long-term performance, it all boils down to market mood. The optimistic XRP price forecast failed to materialize as it sank by more than 10% in the last 24 hours, bringing the total weekly losses to about 18%. This is because XRP price has been following the market trend set by Bitcoin and has been extending its losses.
Despite the recent drop, according to Santiment statistics, the Mean Coin Age for XRP has continued to climb in the graphic. The average number of days that XRP remained in the current address is determined by the Mean Coin Age. A rising slope indicates an accumulating trend across the whole network.
XRP vs SEC
Ripple is asking the judge to overlook Cornerstone Research’s findings and reject the SEC’s request for judicial notice, according to a recent legal filing. Ripple’s lawyers said the SEC’s statements regarding previous enforcement proceedings were misleading. And that the SEC was requesting an unreasonably premature conclusion, as a factual matter, that market participants had reasonable warning that XRP would be designated securities.
Half of the incidents cited by the SEC in the Cornerstone Research research involve initial coin offers (ICOs), which Ripple did not do, and the other half do not include the issue of digital assets such as XRP. Ripple has also filed a motion with a US Magistrate to compel the SEC to release documentation explaining why it considers XRP to be a security.
Analysts also predict that if the corporation and the regulatory body can come to an agreement, it would become the first cryptocurrency to be completely free of the SEC. The XRP gained strength as a result, pushing its price higher.
At the time of writing, XRP is trading at $0.889. A bullish rally towards 1.0781 could lead to more Ripple purchasing till the next resistance area of 1.2948. On the flip side, the support remains to hold around the 0.7978 area.