Ripple Confident Ahead of SEC Trial, But XRP Could Retreat the Bears

  • Ripple’s Q4 report revealed a decline in key metrics.
  • XRP is down 5% at press time after posting decent gains in January.

Before a potential decision is made in the SEC process, Ripple Labs [XRP] She seemed confident of her chances in the two-year issue of putting XRP in Fourth quarter earnings report. The report stated:

“After two years of fighting this lawsuit on behalf of the entire crypto industry and American innovation, the case has been fully enclosed and Ripple is proud of its defense and feels more confident than ever as it awaits the judge’s decision.”

read waves [XRP] Price forecast 2023-24

He also attacked Ripple The US Securities and Exchange Commission (SEC), accuses it of “regulation through enforcement”.

The fourth quarter report is uninspiring

Chain activity in the XRP ledger [XRPL] on an annual basis. While the number of wallets decreased by nearly 63%, the total number of transactions decreased to 106 million, from about 130 million in the fourth quarter of 2021, which recorded an 18% decrease.

But the same set of metrics saw an increase from the previous quarter.

In addition, Ripple highlighted the expansion of its on-demand liquidity (ODL) client base as it entered into more partnerships in European and African markets. Despite this, sales of the platform’s cryptocurrency, XRP, were down 27% from the previous quarter.

The report stated that XRP trading volume also fell to just over $64 billion from $72.65 in the third quarter, marking a decline of 11%.

XRP may enter the danger zone

The quarterly report could harm the interests of XRP holders. At the time of publication, the coin is down about 5% with a similar drop in its market value being noted, at data From CoinMarketCap.

This came after XRP had a very good start in 2023, during which it gained 18% and regained the pre-FTX level of $20 billion.

Market indicators gave warning signals. The RSI has fallen sharply to its neutral level from the recent highs. In addition, the Awesome Oscillator (AO) was in the red while the Moving Average Convergence Convergence (MACD) showed a bearish cross, which could lead to a significant rebound for XRP.

Source: TradingView XRP / USD

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Weighted sentiment regarding XRP was low at the time of writing, entering positive territory after a week of negativity engulfing investors. Network growth and daily active addresses also decreased, indicating a decrease in activity on the network.

Source: feeling

Rule The case of the Securities and Exchange Commission against Ripple due to the state of XRP that could have significant implications for the broader cryptocurrency market. The laws governing the status of cryptocurrencies as commodities or securities are still not entirely clear.

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