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The price of XRP has reversed its growth trend as the broader market slips further into consolidation. At the time of writing, the coin was trading for $2.372, down by 3.72% in 24 hours, per CoinMarketCap data. The return of market bears is not peculiar to XRP, considering that every asset in the top 10 has seen a reversal in price trends.
XRP price still consolidating
Despite the sudden slip-off, the XRP price is yet to pare off its gains on longer time frames, implying that the latest drop might be temporary.
Alex DovbnyaIn the trailing seven-day period, the coin has dropped by 5.34%. However, it has maintained 8.27% growth in the past 30 days at press time. In line with the multi-week rally, the coin's 90-day growth is even more bullish at 9.35%, as the year-to-date growth comes in at 2.14%.
Despite XRP's worst scenario recently playing out, the coin remains in a strong position for a rebound. The optics around the coin have helped it maintain some level of resilience, as other top coins like Solana (SOL) face steeper drawdowns.
XRP remains in the spotlight as trading volume rises, up 18.32% to $3.23 billion.
Ultimate XRP gameplan
According to the coin’s outlook on the daily chart, it has managed to bounce off from daily lows of $2.331, suggesting that the sell-off might be wrapping up. The community and investors are currently getting over the challenges posed earlier by the Ripple lawsuit, which, according to CLO Stuart Alderoty, has officially ended.
Gamza KhanzadaevPending final paperwork, the blockchain payments firm managed to reduce the initial fine of $125 million to $50 million. The end of this suit and the positive outcome for Ripple have showcased how well the firm is positioned to take on new XRP-themed growth ventures.
Beyond the growing clamor for XRP ETF products, the case's resolution implies the coin can now be offered to institutional investors, per commentary by legal experts.
Vladislav Sopov
Dan Burgin