CandleFocus XRP Could Plummet 30% as Ripple Faces Renewed SEC Legal Battle
2024-10-18
Author: Content Editor
The US Securities and Exchange Commission (SEC) has appealed its case against Ripple Labs over XRP, seeking clarification on whether the court erred in its proceedings involving Ripple CEO Brad Garlinghouse and co-founder Chris Larsen. XRP's trading activity has declined since the appeal was filed, leading to a 2% drop in value in the past 24 hours. The altcoin's Network Value to Transactions ratio (NVT) has reached a yearly high of 634, indicating that the asset may be overvalued and further price drops are likely. Despite this, long-term holders of XRP remain calm, while short-term traders have begun selling. XRP's price may drop to $0.38 if selling pressure intensifies or rally to $0.65 if new demand emerges.
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