Despite Ripple’s court victory, the XRP price continues to decrease. While the investor interest decreases, the harsh decreases in active addresses support this negative picture. So, what’s wrong?
Why didn’t the SEC victory affect the market?
The US Securities and Stock Exchange Commission (SEC) pointed out a significant turning point by withdrawing his objection in the Ripple case. Following the years of legal struggle, the decision of the US Regional Judge Analisa Torres in 2023 was now clear.
According to this decision, Ripple’s programmatic sales on secondary stock exchanges such as Coinbase and Kraken do not violate the laws of securities. However, it was accepted that direct sales to corporate investors had a violation of securities and Ripple paid 125 million dollars for this violation.
Experts, SEC’s decision to give up the objection is a major turning point for the crypto sector. The Ripple case reached a much more advanced stage than the cases against Coinbase and Kraken.
Now that legal uncertainties have been eliminated, attention in the market has been translated into a possible XRP ETF (Stock Exchange Investment Fund). In particular, the expectation of an ETF approval in 2025 is welcomed by the market. However, the situation of the market is not as bright as it seems.
Falling activity, decreasing prices
Following the legal victory, XRP’s performance in the market was not as expected. Speaking of the chain shows that there is a major decrease in daily active addresses. Almost 70 percent has declined.
In the past, such sharp decreases in active addresses often pointed to low liquidity and diminishing speculative interest. This can increase sales pressure further.
In the last two weeks, the value of XRP has decreased by more than 11 percent. The XRP, which has difficulty in finding price support, faces continuous sales pressure. The decline in user activity shows that investor confidence is weakened and that many trader’s attention to other projects.
Will XRP’s support levels hold on?
Currently, the XRP is trading at $ 2.18, although some recovery. The relative power index (RSI) shows that it is a weak momentum at 42.65, and that there may be more decreases before going down to the excessive sale zone of the price. On the other hand, on-the-launch Volume (OBV) indicator shows that the reception pressure is reduced.
Recently, XRP has lost significant levels of support. If a strong recovery does not occur, the price may decrease to $ 2.00. If buyers can re -strengthen the market, the resistance of $ 2.30 will be an important obstacle.
The exceeding this level is critical for the change of the trend. However, the decline tendency in the OBV reveals that investors are still cautious.
If the sales pressure continues, the XRP seems possible to test $ 1.90 in the coming days.
Despite Ripple’s legal victory, XRP’s market performance was far below the expected. It is clear that the XRP needs more use or a strong basic catalyst for the re -acquisition of investor confidence.
