XRP/USD down 6.25%, $1 Outlook Grim
After a drop this morning of nearly $0.03, the cryptocurrency XRP is not looking promising. There was talk only a few months ago of it reaching $5.00 in the near future, but now even $1 in the next month or so is not looking likely.
[[XRP/USD-graph]]
XRP/USD hasn’t seen the $1.00 mark since May 21st, when it took quite a plummet over the course of a few days and has yet to recover. The current SEC VS Ripple (XRP) lawsuit is certainly not helping. The outcome of that lawsuit will help determine the crypto’s future momentum and which direction it goes.
The lawsuit alleges that two Ripple executives and the larger Ripple company have been selling unregistered securities through XRP cryptocurrency. The lawsuits alleges charges that stem all the way back to the company’s founding in 2013.
The Future of XRP
It’s not all grim ahead for the currency these days, though. XRP still pulls in around $1 billion in trades each month, so the market activity is very healthy. XRP sits at the #6 spot on the cryptocurrency market right now, and it controls a little over 2% of an extremely active market.
It is possible that the upcoming round of US stimulus checks rolling out on July 15th will have a positive effect on XRP’s price. In the past, the release of stimulus checks has buoyed the cryptocurrency market, with major players like XRP, Bitcoin, and Ethereum benefiting the most.
Like most cryptocurrencies, XRP spent the early part of the year incredibly bullish but has since fallen considerably. The last week has been mostly uneventful for the crypto, with the digital currency spending most of the time around the $0.65 mark. Today marks the lowest the crypto has fallen in the last seven days, but it could be the beginning of a bullish move back up and close toward the $1 mark.
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