XRP has been down by 6.87% in the last 24 hours and is listed at $0.6371. This comes after it reportedly closed the market on Thursday at $0.6687, marking a decline of 2.97%. XRP is navigating a couple of challenges. It could be a while before it retraces to an upward trajectory on the chart. Ripple has sleeves up to tackle a lawsuit with the US Securities & Exchange Commission, a shift by whales, and market adoption.
XRP’s triple threat: Lawsuit, whales, and market sentiment
They have been collectively identified as XRP’s triple threat, for their damage to the token and the native ecosystem is broader than expected. For starters, the legal battle with the agency is far from getting over. At best, the court could limit the punitive penalty, but the final verdict is less likely to be delivered soon.
Upcoming major events in Ripple vs the SEC are slated to happen on March 22, 2024, and April 22, 2024. The March date will allow the Commission to file the opening remedy-related brief. A month later, Ripple will submit the opposition brief. Tentative timelines suggest that the case could conclude by the end of 2025 – too late to have XRP ETF in the market.
It gets further complicated by a shift of whales to BlockDAG. The migration comes after what reports suggest, a compelling keynote session. Whale activities have been significant in the XRP ecosystem but could dip.
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What has brought BlockDAG under the limelight is its capital of $4.4 million, which was raised in the presale. It was fueled by the off-take of more than 3,000 miners that escalated the confidence of investors. Two notes that have made BlockDAG the frontrunner are – 5,000x ROI and innovative mining solutions. Plus, it has reaffirmed its commitment to scalability, security, and speed.
As the lawsuit continues between Ripple and the SEC, it will make up for the prevailing negative sentiments in the market. The issue has already crippled the chances of having Spot XRP ETF any time soon. It is safe to assume that investors hesitate before putting a portion of their portfolio into XRP.
Turning challenges into opportunities
Ripple vs SEC has brought a downside to traditional regulations. These pertain to unclear digital tokens and how they should be traded. This is an aspect that Ripple may leverage. Thereby gaining strength in helping to craft specifics for the existence of digital assets, such as cryptos.
Building a community could be a priority until then. The ideal points to be pursued would be open communication and a well-drafted roadmap. Putting them on the table will ascertain that the community has all the required details. Being available to resolve questions follows as an obvious next step.
Whales taking an exit door when the token is dripping badly poses a chance for others to start accumulating XRP. Knowing that a further rise is imminent, the timing could not have been better to secure XRP. Profit-taking has always been at the center of the difference in time gaps. This means that new investors may want to get in and target taking positive yields later. This is not investment advice; research is recommended before diverting funds to XRP or any other crypto.
Looking ahead
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XRP was expected to test the resistance at $0.6600 earlier. It had broken that seal to fall below $0.6400. Speculations are that it could continue the freefall for a couple of days or weeks. The token will ideally fluctuate heavily until it does not overcome the triple threat – lawsuits, whales, and market sentiments. Keep an eye on when XRP turns the challenges into pivotal moments.
Conclusion
XRP faces tough times with its lawsuit, whales leaving, and changing markets. However, these challenges could help XRP if it acts smartly and keeps its community strong. The future is uncertain, but how well XRP can adjust to these problems helps it succeed. We’ll have to wait and see how things turn out, but XRP’s ability to change and make the most of a hard situation could be key.
