XRP News Today: Ripple to Drop to $2 Soon

According to the latest XRP news today, the XRP price is heading towards its lowest level since May 8. The price of Ripple’s token is highly dependent on the outcome of the SEC vs. Ripple court case. The XRP community and crypto investors anticipate that the SEC will submit a revised request for an indicative ruling to lift the injunction that prohibits the sale of XRP to institutional investors. XRP news today also does not confirm if the $125 million penalty will be reduced. 

As legal uncertainties intensify, the XRP price has been slipping, and the withdrawal of the SEC appeal is crucial for the XRP price and for spot XRP ETF approvals. The Ripple token’s price has stalled for days as it has been consolidating and performing in the opposite direction of the market. While Bitcoin reclaims $100K, the XRP token has shown the capacity to move against the overall current. 

According to the latest XRP news today, the under-pressure token is currently priced at $2.19 and is trading in the red. As US courts overturned Trump’s trade tariffs, there is fresh uncertainty among crypto investors, and financial markets have been rattled. 

XRP News Today: What’s happening with XRP at the Moment?

The XRP price could fall by another 16% if it doesn’t find support at $2.31, and traders are nervous because a significant dip is expected, according to technical analysis. There are bearish signs in the data, and other red flags for the future XRP price are that funding rates for XRP have been stuck at 0% since early this year. 

The total value of XRP futures contracts has dropped by 9.66% as per XRP news today, and it is obvious that investors are pulling out their money and cutting risk on XRP. XRP ETFs have also experienced significant outflows, while other cryptocurrency tokens continue to see positive inflows. 

A bearish breakout for XRP could easily push the price below $2. Additionally, trading volumes have declined lately, while the spelling spree has not gained much traction. The Ripple token has entered a distribution phase, as evident from its latest price action. The XRP price is not expected to receive any respite in the near term and needs to reignite a bull rally. XRP price action is decidedly bearish, and short sellers will likely celebrate if XRP retests support at $2.31.

Did XRP win the Lawsuit?

Judge Torres has rejected the SEC’s request for an indicative ruling. Previously, Ripple’s Chief Legal Officer had made it clear that the SEC had agreed to drop its appeal, and Ripple would withdraw its cross-appeal. However, Ripple may now proceed with its cross-appeal if the courts do not lift the injunction and reduce the penalty. 

According to XRP news today, these legal issues could drive the XRP price below $2, and the SEC may disapprove spot XRP ETFs. 

The current outlook for XRP remains heavily influenced by legal developments in the Ripple vs. SEC lawsuit. The ongoing uncertainty surrounding institutional sales, potential penalties, and spot XRP ETF approvals continues to weigh on investor sentiment. With XRP currently priced at $2.19 and failing to gain momentum as broader crypto markets trend upward, there is increasing pressure on Ripple to achieve a favorable outcome in court. If the support level at $2.31 breaks, XRP could plunge below $2, amplifying bearish sentiment. Investors should exercise caution, keeping a close eye on legal updates and market reactions as they unfold.

Source: CoinMarketCap

About the Author: Sarah Zimmerman is a seasoned crypto and Web3 news writer passionate about uncovering the latest developments in the digital asset space. With years of hands-on experience covering blockchain innovations, cryptocurrency trends, and decentralized technologies, she strives to deliver insightful and balanced news that empowers her readers. Her work is dedicated to demystifying complex topics and keeping you informed about the ever-evolving world of technology.