Ripple price (XRP) is languishing, a few weeks after the Security and Exchange Commission (SEC) launched an unprecedented case against Ripple. XRP is trading at $0.2865, which is 63% below last year’s high of $0.7800. That has brought its market cap to more than $13.25 billion, making it the fifth-biggest cryptocurrency in the world after Bitcoin, Ethereum, Tether, and Polkadot.
Latest Ripple news: The biggest news event surrounding Ripple is that the company’s co-founder, Jed McCaleb announced that he would take a hiatus from the company. He also decided to sell millions of dollars worth of his XRP holdings. His latest selling was worth more than $8.7 million.
Another major event is that the SEC will have a new chairman after Joe Biden becomes president. While Garry Gensler will be new, traders don’t expect him to interfere with the ongoing investigation.
Ripple Price Prediction
In the daily chart, we see that the Ripple price has been in a consolidation mode in the past few days. It is trading at $0.2865, which is slightly below the 25-day and 15-day EMAs. It is also below the January high of $0.3705. Also, its volatility, as measured by the Average True Range (ATR) has dropped to the lowest level since November 22.
Therefore, in the near term, the Ripple price will likely remain at these lows as demand fades. However, we cannot rule out another bear market rally.
XRP price chart