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XRP drops third day in a row to $0.52
Ripple drops to $0.52 Thursday, wiping off weekly gains.
Crypto expert asks Ripple CTO how stablecoin would improve XRP Ledger and native token.
Attorney Bill Morgan cautions market participants of the ramifications of a lawsuit that bans ODL XRP.
Ripple (XRP) fell below $0.52 on Thursday, erasing all gains from this week. Crypto professionals are concerned about Ripple SVP Eric van Miltenburg's views on the stablecoin and how it would help the XRP Ledger and native token XRP.
Since Tuesday, XRP has fallen after Ripple's answer to the SEC's $2 billion penalty request.
XRP lost Monday's gains after holders digested Ripple's stablecoin announcement and answer to the SEC's $2 billion fine request.
SVP informed Digital Frontier that Ripple would launch its stablecoin on the XRP Ledger, “which will ultimately be good for the ecosystem.” Polygon shows how stablecoins boosted Total Value Locked (TVL) and chain trust, supporting Miltenburg's assertion.
You should worry. A wide permanent injunction that prevents Ripple's ODL or ODL's usage of XRP is bad for XRP and the XRPL ecosystem.
A stablecoin debut and a response to the SEC's $2 billion penalty request are the biggest market movers for XRP investors.
As BTC/USDT remains inactive, XRP trades at $0.5271 on Thursday. Five days after the BTC halving, the asset failed to reach $67,000 four times. XRP and other significant cryptocurrencies are affected by bitcoin prices.
At $0.52, the XRP/USDT pair has pared its weekly gains from $0.55 on Monday. XRP is approximately 25% higher than its April 13 YTD low of $0.4188 despite the drop.
XRP price might rise to $0.60 if it breaks the 50% Fibonacci retracement line at $0.5310 from the April 9-13 collapse. This level is psychologically significant for XRP traders.
XRP's ascent is supported by a bullish MACD indicator. The crossing above the signal line also bodes well for XRP.
This week, the April 21 low of $0.5183 has provided crucial support.
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