The XRP token has been experiencing negative price movement after reaching a threshold of $0.56. It has since retested the $0.51 mark, but this level has acted as a strong support. The volatility in the market is due to the ongoing legal battle between Ripple and the SEC, which has caused speculation and tension among investors. Ripple co-founder Chris Larsen missed a deadline to file a legal notice, which could weaken his defense strategy. However, this does not affect Ripple's overall standing in the lawsuit. XRP's on-chain data suggests a bearish outlook in the short term, with decreased wallet activity and a decline in transactions. On the daily chart, the cryptocurrency is rebounding from the low of $0.51, and there is a bullish sentiment building up in the near term. The token may challenge the 23.6% Fibonacci level at $0.5410 and potentially reach higher levels around $0.5629. However, a shift in market sentiment could pull the token back to its $0.51 low again.



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