Ripple victory over the SEC did not cause XRP to rise

Recent events surrounding the XRP token and Ripple Labs have caught the attention of the crypto community. After the US Securities and Exchange Commission (SEC) dropped the lawsuit against Ripple on March 19, many expected that this would lead to an increase in the price of XRP. However, despite the legal victory, the token’s dynamics remain weak. Let’s figure out what’s happening in the Ripple market and what to expect from the cryptocurrency’s price.

Ripple’s Court Victory: What Does It Mean for XRP?

The lawsuit against Ripple Labs lasted five years and became an important event for the entire crypto industry. Investor expectations were high, and many hoped that the termination of the lawsuit would lead to an increase in the price of XRP. However, as practice shows, the market did not react to this event as expected.

Bearish Market Sentiment

The market remains bearish on XRP at the moment. This pressure continues to affect the token’s price. According to data from analytics platform Santiment, large holders (whales) have sold about 20 million tokens worth about $50 million since March 19. This sell-off is part of an ongoing trend that began earlier this month.

Declining Interest from Large Holders

The decline in interest from large XRP holders highlights the current bearish sentiment. Even after Ripple’s legal victory, large investors have not regained confidence and have not started to actively accumulate tokens. This is putting additional pressure on the price of XRP.

XRP Supply Distribution

The charts show that the XRP supply distribution indicates a decline in investor sentiment. At the time of publication, the token price is approaching $2.38, down 3.8% over the past 24 hours. This suggests that investors are becoming increasingly cautious and doubtful about the token’s short-term prospects.

XRP Price Prediction: Where is the Market Heading?

XRP is currently trading at $2.38, and its price remains above the key support at $2.13. If the bearish sentiment persists, the token may retest this level. A loss of support at $2.13 could lead to a price drop to $1.47, which would be a serious signal for investors.

Optimistic Scenario

On the other hand, if the market sentiment changes and becomes more optimistic, the bearish forecast may be cancelled. In this case, the Ripple token may reach $2.61, which will be a positive signal for investors and may attract new buyers.

In conclusion

Thus, despite Ripple's legal victory, the price of the XRP token remains stable and under pressure from bearish sentiment. Investors are cautious, and the current decline in interest from large holders may continue to affect the market. It is important to monitor changes in sentiment and trading volumes to better understand where the XRP price is heading in the near future.