- At the time of writing, XRP is trading at $0.5298, down 1.76% in the last 24 hours.
- The price plunged from $0.66 level to $0.51 mark post SEC’s decision to file an appeal.
The presidential campaign of Kamala Harris received a donation of $1 Million in XRP from Chris Larsen, co-founder of Ripple. A civic action organization that backs her bid for the 2024 election, Future Forward USA, received the funds. The timing of the financial contribution is not ideal for Ripple. The firm is now in the middle of a dispute with the US Securities and Exchange Commission (SEC).
The filing of a cross-appeal in Ripple’s legal lawsuit against the U.S. Securities and Exchange Commission (SEC) was announced by Stuart Alderoty, the company’s chief legal officer, on X. This comes after last week’s appeal by the SEC to the U.S. Court of Appeals, which aims to reverse portions of the XRP judgment by District Judge Analisa Torres.
With more and more banks and other financial institutions adopting XRP, Ripple, CEO Brad Garlinghouse has recently predicted that XRP may reach $10,000. He spoke with Bloomberg on how XRP may aid corporations in resolving issues worth trillions of dollars.
He went on to say that XRP’s rising price is due to its increasing usage in cross-border transactions. It may change the face of global finance since it prioritizes efficiency above market capitalization or volume.
Consolidation Phase Underway
At the time of writing, XRP is trading at $0.5298, down 1.76% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 7.69%. The price plunged all the way from $0.66 level to $0.51 mark post SEC’s decision to file an appeal. Since then the price has climbed briefly and has been consolidating in a tight range.
If the price breaks below $0.51 level, then it will likely plunge further to test $0.42 support level. Breaking below this level, will likely see price testing $0.31 support level. Conversely, if the price manages to break above $0.55 level, then it will likely test $0.61 resistance level.
