XRP's price is facing potential risks after experiencing a 5% drop from its recent high of $0.61, dipping to $0.57 early on Monday, September 23.
This decline has sparked concern in the crypto community, particularly following a significant transaction by Ripple's Co-Founder, Chris Larsen, who moved 50 million $XRP from his personal wallet.
Over the weekend, on September 21, XRP had climbed to a monthly high of $0.61, buoyed by positive sentiment from the U.S. Federal Reserve's 50 basis points rate cut.
However, this upward trend might be in jeopardy due to the recent internal developments involving Larsen's transaction and the ongoing legal battles with the SEC, who are trying to appeal the recent court ruling.
The short-term outlook for XRP remains cautiously bearish, with traders keeping a close eye on the $0.5575 support level to gauge the potential for further price movement.
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