- Top XRP advocate has dismissed the claims that Ripple Labs is manipulating the coin’s price.
- XRP price is facing a crucial shift as on-chain data hints at rebound prospects.
XRP, the native digital asset associated with Ripple Labs, plummeted by over 4% on the daily to $2.33. This price decline, which comes after Ripple’s legal victory against the US Securities and Exchange Commission (SEC), has prompted discussion within the crypto community.
Bill Morgan Defends Ripple
Some market players suggested that Ripple has played a part in the declining prices of XRP. In an X post, Software Engineer Vincent Van Code commented, “It’s almost as if Ripple is playing the market to avoid looking like Ripple news has an impact on price.”
“That is one of the Howey tests. Seriously. Makes no sense,” Code added.
According to Code, the XRP price crash occurred shortly after Ripple’s Chief Legal Officer, Stuart Alderoty, confirmed the positive SEC settlement news.
In his post, Code added a poll for the online community to vote on what they think is causing XRP’s latest price drop. 12.9% of the poll correspondents voted that Ripple is dumping XRP, while 48.7% attribute the decline to other market manipulation. A smaller group, 9.4%, cited general XRP selling pressure, and 29% attributed the XRP price drop to a broader market dump.
Commenting on the poll, XRP advocate Bill Morgan disagreed with the Ripple dumping theory.
“Wow, 12% think XRP price is falling because Ripple is dumping. It seems that idiotic theory is still attracting followers,” says Morgan.
Other market players have attributed the price crash to the potential US recession, US-imposed tariffs, macro-instability, and the cost-of-living crisis.
For now, the XRP price crash right after the lawsuit resolution is hard to understand as the crypto market often seems illogical. Still, factors like market volatility, investor sentiment, and the ‘buy the rumor, sell the news’ strategy might be the reasons.
At press time, XRP price was trading at $2.33, having experienced a 7.4% decline within the last seven days. Despite the daily decline, the trading volume surged by 13.5% to $3.26 billion, suggesting investors increasing activity.
Key XRP Levels to Watch
The latest price action places XRP at a pivotal technical level. According to technical analysis, the altcoin is now fighting the 20-day Exponential Moving Average (EMA) resistance of $2.38 and hovering near the middle Bollinger Band around $2.37.
XRP could move towards the $3 mark following a successful break above the upper Bollinger Band at $2.56. However, failure to hold support around the recent low of $2.33 might trigger a retest of the lower Bollinger Band near $2.09.
The Relative Strength Index (RSI) indicates neutral momentum with a value of 48.95. A decisive push above the 50 level could signal renewed buying interest. On the other hand, a dip below 45 might suggest mounting selling pressure in the near term.
In a recent update we covered, analysts projected potential XRP targets as high as $4.40 based on Fibonacci extension patterns. Other analysts claim XRP price could hit $8–$10, driven by Fibonacci models and Bitcoin’s rally.
