XRP price dropped sharply due to the impact of the US economy and the legal case
In the context of increasing Ripple lawsuits and the influence from the US economy, the cryptocurrency market has plummeted.
Over the past 2 days, the e-commerce market has seen significant volatility, XRP is no exception, the token has fallen sharply after reaching a high of 0.5687 this past Tuesday to 0.5217 at press time. writing point.
According to analysts, the decline in XRP price may be influenced by the strengthening US economy and increased instability in Ripple's legal case.
The US economy improves, impacting the cryptocurrency market
In a US economic report released on Tuesday, US Durable Goods Orders increased 2.6% in March.
Additionally, the report continued to see figures for Core Durable Goods increase by 0.2%, marking a significant improvement compared to February's figure of 0.1%.
Data signaled a strong US economy, weighing on investors' prospects for a September interest rate cut by the Fed.
The impact comes from the legal case between Ripple and the SEC
Besides the impact of the Fed's monetary policy on investor sentiment, the cryptocurrency market is also affected by new developments in the lawsuit between Ripple and the SEC.
Fear of a negative outcome contributed to XRP's decline.
Ripple's recent actions could add a new twist to this lawsuit, thereby prolonging the legal battle. However, many users believe that the SEC's convincing rebuttal could lead to punishments against Ripple for selling unregistered XRP to institutions.
