The daily Composite Index hit historical support lows on Saturday, likely holding XRP near the $0.60 level over the past few days. A double-bottom appears to be developing on the weekly chart, matching the swing lows found back in the week of July 19th, 2021, at $0.54. The 61.8% Fibonacci retracement also exists at $0.54, increasing the likelihood of why is xrp price so low support. XRP’s oscillators provide additional reasons why Ripple’s low is likely in. An OG of the altcoin space, XRP remains around 60% higher week on week since developer Ripple Labs claimed a win late last week in its long-running securities dispute in the US. Bitcoin has managed to stay near the US$30,300 price point in Monday afternoon trades.

The currency’s all-time high of $3.29, which it hit on January 4, 2018. XRP has been used as a method of currency transfer through the network since 2012. After the lawsuit, XRP will be able to move forward and become a more worthy channel of investment for 2022.

Why is Ripple $XRP so cheap compared to other Cryptos?

It was the reason XRP lost its ranking as the 3rd largest cryptocurrency by market cap. Until it comes to a conclusive ending, XRP will continue to go https://www.tokenexus.com/sell-ethereum/ up and down depending on traders’ speculation on how the judgment could go. XRP is a cryptocurrency, just like Bitcoin, Ethereum, and all the rest.

We have to point out, at this stage, that cryptocurrency price forecasts are often wrong. We also need to mention that longer-term crypto price predictions are often made using an algorithm, which can change at any moment. Even the great crypto day crash of 19 May 2021 did not completely destroy its supra-dollar ambitions, with the coin reaching intraday highs of $1.05 as late as 4 June.

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The only difference is that Ripple, a financial services company, chose to use XRP as its native cryptocurrency for cross-border payments. Also, some of the people who created the Fintech company Ripple were involved in developing XRP. Currency.com is a global cryptocurrency exchange platform that currently does not operate in Europe, UK and Australia, still you are welcome to browse and find out more. Currency.com is a global cryptocurrency exchange platform that currently does not operate in the US, still you are welcome to browse and find out more. Ripple has two key products, RippleNet (a messaging service that doesn’t use XRP) and On-demand liquidity (ODL) – its solution that uses XRP as a middle currency in cross-border transactions.

In its case, the SEC wants Ripple to be fined the total $1.3 billion it raised through XRP and interest. While there has regularly been speculation that the two parties could eventually reach an out-of-court settlement, this has not been the case. As such, any time the case comes up for mention or new developments come up, XRP gets volatile. Bitcoin prices took a hit alongside Ripple, losing more than $1,000 (£725.90) in the space of about an hour, hitting a January low of $12,208 (£8,857) at 8.34am. South Korean regulators are looking to clamp down on bitcoin, Ripple and other virtual currencies in a bid to cease their speculative trade.

What is Ripple?

Much like the other cryptos, XRP is highly-volatile, thus becoming a particularly appealing option to day traders. To decide on the best cryptocurrency to buy now, it is best to understand its potential both in the short term and the long run. Like all other cryptocurrencies, it can be tough telling the direction that XRP will go at any given time. However, by looking at its price action, fundamentals, the broader market, and other macroeconomic factors, it is possible to make an informed XRP price prediction. XRP is cryptocurrency that runs on the XRP Ledger, a blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.

TradingPedia.com will not be held liable for the loss of money or any damage caused from relying on the information on this site. Trading forex, stocks and commodities on margin carries a high level of risk and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. It reached its highest ever price of over $2.80 back in 2017 but crashed and stayed relatively low until April 2020, when it exceeded $1.80 before crashing again along with other crypto coins. The SEC action against Ripple Lab and two executives alleges that over $1.3bn was raised through an unregistered, ongoing digital assets securities offering. In June, the SEC had stated that ETH offers and sales are not securities transactions.

On 1 April, the price declined following the release of one billion XRP, but with 800 million of those returned to escrow, the market went back up and by 6 April 2022, XRP was worth a little under $0.80. However, the case is unlikely to be over until 2023 at the earliest, so we shall have to wait and see what happens and what Judge Torres’ ruling may be. There was some good news in June 2022, when a judge ruled that a speech by former SEC director William Hinman could be used in evidence by Ripple. The following month, the court was still deciding whether certain evidence could, or could not, be heard in the case. In August, a judge granted Ripple permission to issue a subpoena to authenticate videos of SEC officials public remarks. The SEC/Ripple investigation has dragged on a long time and it’s probably a big reason for XRP’s price staying suppressed in comparison to its peers.