XRP News Today: Why $XRP is Crashing and Will It Reach $5 Soon?

XRP News Today: Why Is XRP Crashing? Key Factors Affecting Its Price

At the time of writing, XRP price was $2.67, marking an intraday decline of 3.57% with a market cap of $154.39 billion and a 24-hour trading volume of $4.15 billion. Despite today’s drop, XRP showcased an impressive 9.38% growth in the past seven days.

However, XRP remains 31.06% below its all-time high of $3.84, which was recorded on January 4, 2018. Its all-time low was $0.002802 on July 7, 2014.

Why XRP is Going Down? Key Factors Affecting Price

1. SEC Closed Meeting on February 20

The SEC’s upcoming closed meeting on February 20 has created uncertainty in the market. The agenda includes discussions on:

• Institution and settlement of injunctive actions

• Institution and settlement of administrative proceedings

• Resolution of litigation claims

• Other examination and enforcement matters

This meeting has sparked speculation that the SEC may discuss their appeal strategy in the Ripple case, leading to investor caution and XRP’s price drop.

2. XRP Criticized as ‘Centralized Controlled Security’

Prominent angel investor Jason Calacanis recently criticized XRP, calling it a “centralized controlled security”. He stated that an XRP-spot ETF approval could undermine securities laws and lead to market instability.

According to Calacanis:

• XRP is the opposite of Bitcoin and should only be available to sophisticated investors.

• XRP ETFs could trigger a chaotic market, with startups dumping massive amounts of tokens.

This negative sentiment has contributed to investors pulling back, explaining why XRP is dropping today.

XRP Price Prediction: Factors That May Surge XRP Price

Despite the recent drop, analysts predict a bullish future for XRP, backed by key catalysts:

Ali Martinez’s Cup-and-Handle Pattern Prediction: Crypto analyst Ali Martinez suggests that XRP is forming a cup-and-handle pattern. If a breakout happens, the XRP price could surge to $3.35.

• The cup shape indicates a steady recovery.

• A breakout from the handle could signal a strong bullish rally.

SEC Declared That XRP is Not a Security: The SEC’s confirmation that XRP is not a security boosts investor confidence. This could pave the way for institutional adoption and a potential XRP-spot ETF approval.

XRP ETF Approval Could Push XRP Toward $5: Crypto analyst JackTheRippler predicts that XRP could hit $5 soon, supported by ETF approval and increased adoption. Additionally, the European Central Bank’s recognition of XRP as a future financial asset further strengthens its growth potential.

XRP Court Case Update Today & Its Impact

The Ripple vs SEC lawsuit remains a crucial factor influencing XRP price. If the SEC withdraws its appeal, XRP could skyrocket past its all-time high of $3.55. However, if the SEC continues its legal battle, XRP might drop below $1.50.

While XRP news SEC updates create short-term uncertainty, long-term fundamentals remain strong. Investors should closely monitor regulatory developments and Ripple news to assess XRP’s future trajectory.