Can XRP Bounce Back to Top Position Following SEC Lawsuit

Key Points
The recent approval of Ethereum ETFs in the US has sparked optimism for similar products for other digital assets like XRP, Solana, and Dogecoin.
XRP is facing a decline in popularity among crypto investors as competing blockchain projects gain traction.
To trigger a bullish momentum, XRP’s price needs to surpass the 200-week moving average.
The Approval of Ethereum ETFs in the US has given hope for the approval of similar products for other digital assets like XRP, Solana, and Dogecoin. XRP, once a major player in the crypto world, is now struggling to maintain its position as other blockchain projects flourish under more favorable regulations. Despite legal clarity on XRP sales, the token’s performance remains lackluster, with a market cap of around $29 billion and a daily trading volume of $1.1 billion.
Bill Morgan, a respected Ripple enthusiast, has analyzed XRP’s performance and highlighted concerning trends. Despite not being classified as a security asset, Ripple still faces allegations of breaching securities laws, which could result in a substantial fine. XRP has been outperformed by 88 of the top 100 crypto assets over the past year and has seen a significant decline against Bitcoin.
However, there is a glimmer of hope as XRP’s price approaches the macro apex of a triangular pattern, suggesting a potential bullish breakout. To achieve bullish momentum, XRP must surpass the 200-week moving average against the US dollar. Technical analysis indicates a target price of 61 cents, contingent on buyers defending the support level above 50 cents.
The future of XRP remains uncertain, with questions lingering about whether it will regain its former status or continue to lag behind its competitors. Only time will reveal the outcome.