XRP Sees a Downturn as Crypto Advocates Predicts the Outcome of SEC vs XRP

SEC vs XRP lawsuit is still a hot topic among Ripple holders as the judge will decide the fate of the token. Crypto lawyer Jesse Hynes believes that if a clear separation is made between XRP's early sales and how it is currently marketed, the judge reviewing the Securities and Exchange Commission's action against Ripple may rule XRP as a non-security digital asset.

A similar decision would be predicated on the court's decision to investigate XRP's status as a security. Earlier today, Hynes took to Twitter to discuss the latest developments in the SEC's contentious litigation against Ripple.

According to Hynes, the court will almost certainly rule that XRP early-day sales breached US securities regulations. However, the crypto lawyer expects the judge will "determine that Ripple is no longer violating securities laws in the way they are currently doing sales."

If Ripple (XRP) will declare as a "Non-security token", prices may fall to the lower bottom and recovery from that phase will be very tough. As speculation rises, holders are trying to monitor the SEC vs XRP case closely so they can make a decision.

XRP Ledger Closed 80 Mn Ledgers: A Positive Development

According to XRPScan, a renowned blockchain explorer for the XRP Ledger, the XRP Ledger has successfully closed 80 million ledgers in around 10.5 years, which is a tremendous achievement for the XRP ecosystem.

This milestone highlights the XRP Ledger's increased speed, reliability, and popularity as a system for processing transactions on the Ripple network.

The network surpassed 50 million ledgers in September 2019, and it took just over a year to add another 10 million. This rate reflects the XRP Ledger's expanding adoption and use, as well as the Ripple network's improving capacity to handle a high volume of transactions. This will soon make a positive impact on the price as internal development is soaring.

XRP Price Analysis

XRP (XRP) price is trading at $0.449644, with a 24-hour trading volume of $992,790,974. This indicates a -1.36% decrease in the last 24 hours and a 0.86% gain in the last seven days. XRP has a market worth of $23,324,826,267 and a circulation supply of 52 billion XRP.

On a daily timeframe, XRP price action is making a falling flag pattern. This pattern generally indicates a future bull run if the price breaks the upper region of the pattern. XRP has tested the top almost three times and the same goes with the bottom line. If the price breaks the bottom, it will fall further.

The 14-day RSI is at 47 which is considered a neutral zone. If bulls keep the buying pressure hard from here, in no time, XRP will reach the overbought region leading to a significant jump to another resistance.

Conclusion

In conclusion, XRP is facing a bullish downturn due to various reasons like the US debt ceiling crisis and SEC vs XRP lawsuit's ongoing case. Overall, the technical indicators are pointing towards a bear market and hence bearish pressure is increasing.