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For close to four years, the price of XRP has faced an almost unending drawdown. This is because of the U.S. Securities and Exchange Commission (SEC) lawsuit, which has triggered bearish sentiment for the coin. While many thought the case was over following the $125 million penalty levied on Ripple Labs, the regulator's recent Notice of Appeal changed the game entirely.
XRP price trend and latest rebound
Notably, the SEC's Notice of Appeal dampened sentiment, pushing the price of XRP down by $0.52 over the past week. With many people taking their funds out of the coin over the new uncertainty, the current trends underscore strong community confidence in the coin.
Alex DovbnyaAs of writing time, the XRP price is pegged at $0.5377, up by 2.07% in 24 hours. In the past week, the coin has also pared off the losses it picked up over the past week.
Though it remains unknown what is next for the XRP price, the latest rebound suggests a potential rally is ahead. Notably, this outlook is bolstered by the trading volume, which has soared by over 56% in 24 hours to $1.3 billion.
For XRP, forming support at the $0.53 level is the ultimate confidence that further rebounds are ahead. If the coin manages to beat the $0.54 level, an unprecedented rally might follow.
XRP growth catalysts
The U.S. SEC still considers XRP a security. This became obvious in the recent Bitnomial and SEC lawsuit, as reported earlier by U.Today.
Tomiwabold OlajideHowever, these lawsuits are masked by the subtle anticipation of a spot XRP ETF product in the country. While Bitwise pioneered the application in the U.S., Canary Capital has also submitted a bid to list the product.
Despite the uncertainty in XRP's future, the confidence that the coin might gain an ETF offering like Bitcoin and Ethereum is possibly boosting the sentiment seen in the price growth.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin