XRP price dips below $0.60 for the first time in over a month. On August 1, it dropped by 4.20%, ending the day at $0.5580. The following day, it fell another 6.5%, continuing its decline.
Despite the recent downturn, experts remain hopeful. Many believe a rally could be on the horizon as bullish sentiment reaches a 14-month high.
Analysts Remain Hopeful as XRP Faces Regulatory Challenges
The last time that the price of XRP went below $0. 57 was on July 19th . On the other side, the broader crypto market extended relatively slightly up by 0. 23%, which will increase the value of HiPP to roughly $2.
This proves how XRP is lagging behind in its performance compared to usual positive market movement. This depreciation is occurring with changes in regulations, and the most significant shift seems to be the differentiation of XRP from other cryptos.
The U. S. Securities and Exchange Commission (SEC) had planned to have a secret meeting about its case against Ripple on August 1 but this did not come to pass bringing disappointment to investors who anticipated the lawsuit to be resolved swiftly. Another issue that lent confusion to the whole discussion is Ripple CEO Brad Garlinghouse’s decision to remain mum on the issues with the SEC.
The fact that the SEC canceled two meetings (next meeting on August 8), analysts remain buoyed with confidence in XRP. The resolution of the legal battle between Ripple and the SEC may hinder appeals relating to programmed sales, which may lead to the approval of XRP- spot ETF for sale in the USA consequently increasing demand for Ripple.
However, it is essential to keep track of the XRP price due to the high volatility in order to identify the moment of a breakthrough. The tone is getting more positive and even, is the highest it has been since the time of early 2023.
In addition, data from Santiment further indicate that trader sentiment is gradually rising in the hope of XRP. Tom, another active market commentator in the XRP-based forums, is confident that the U. S. is slowly changing its stance on crypto regulation. This change might be beneficial for XRP as well as other ETFs that track the performance of digital currencies, and the latest resolution of the SEC to greenlight spot Ethereum ETFs, and the closure of probes into key crypto firms.
Mickle also points out that sharp fluctuations in the price may be observed owing to the development of the crypto industry and shifts of actions by the United States Securities and Exchange Commission.
Recently, they declared that Solana (SOL), Cardano (ADA), and other related projects would not be considered securities, as the agency targets Binance and Coinbase. While some attribute it to a bid to tap into the crypto community, which Trump has been known to enjoy the support of.
XRP Price Dips below $0.6 as Interest in Digital Assets Grows
The broader cryptocurrency market remains focused on top assets like Bitcoin (BTC), Ethereum (ETH), and XRP. While XRP dips below 0.6, interest in other digital assets is growing, putting a spotlight on XRP’s potential for a rally.
Improving regulatory conditions and a positive market sentiment could lead to a significant rise in XRP’s price.
Additionally, well-known cryptocurrency analyst Scott Melker has recently suggested that XRP might be on the verge of a new breakout.
At the time of writing XRP is trading at $0.5715, the price of XRP is down over 6.50% in the last 24 hours. The trading volume of XRP is also down over 3%, which is $1.947 billion.
