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Ripple's token has been out of investors' sight for some time, especially after the lawsuit was announced to last until at least 2022. Despite this, the market recalls the altcoin's potential clearly, as shown by the on-chain analysis of a number of coins for the last six months. The issuer is setting the stage for its coin to enter the broader and more foreseeable market. However, regardless of internal and external factors, the main engine and brake on the development of Ripple's project is a court saga with the SEC.
In spite of the current lawsuit, there is positive news for XRP. The UK company Paydek announced that it intends to expand its services to Latin America in cooperation with Ripple. The XRP issuer will make it easier and faster to make transactions to countries of Latin America. This collaboration also benefits the company's coin, because it is used in the algorithms of the issuer's software. That would have allowed the token to count on an increase in interest from institutional and retail traders. However, the SEC has gained an advantage in the lawsuit against Ripple that is truly unfortunate for the company.
The SEC officials provided the court with evidence that company representatives had met with regulators to discuss XRP. This is unlikely to become a decisive point in the case, experts say, but it certainly brings the probe closer to determining whether XRP should be considered a securities asset at all. There are no direct reasons for Ripple to lose the court suit, but such statements have already had a negative impact on the quotations of the altcoin. Over the past 24 hours, the coin fell in price by 4% and broke an important support level. As of 3 p.m., the asset is quoted near $1.06 and retains a downward trend with low trading volumes.
On September 16, the coin began to decline and the price made a bearish breakdown of the important mark at $1.1. As a result, the cryptocurrency formed a red candle and closed below the support level, which caused further price declines. The four-hour chart shows that the coin is currently weakening as stochastic and RSI dropped below the level of 40, though they are trying to rotate. At the same time, the MACD indicates the possibility of consolidation and a further accumulation period. However, with the current trading volumes, the trend shapes a long swing in a narrow range.
On the daily chart, the situation looks even more depressing and indicates the formation of a powerful downtrend, which started on September 7. All major coin indicators are moving downward with no apparent signs of a reversal. Given the falling onchain and low trading volumes, it is likely that the asset may come close to a retest of the $1 round mark within the weekly trend.
One should not give up on XRP but it is the court case that leads traders to abandon it. The recent courtroom saga created a negative reputation for the token and the decline in the number of transactions. On the other hand, the coin has its silver lining. It has become more popular among non-commercial traders allowing them to receive fast profits. The MVRV onchain indicator, which is above 20%, proves this. Therefore, one should not dismiss XRP/USD. However, trading in narrow ranges does not make the coin a popular player on the market at the moment.
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