XRP News Today: XRP Drops 4% as Legal Setbacks and Low Network Activity Weigh on Price

XRP, a prominent cryptocurrency, has experienced a notable decline in its price, dropping nearly 4% in the past 24 hours to trade around $2.09. This downturn is part of a broader market trend where several altcoins are slipping into the red. The decline in XRP's price can be attributed to a combination of legal, technical, and investor sentiment factors that are weighing heavily on its short-term outlook.

The primary catalyst for XRP's price drop is the recent decision by Judge Analisa Torres in the ongoing XRP-SEC case. Yesterday, she denied a joint request by Ripple and the SEC for early feedback on their $50 million settlement deal. This decision has disappointed investors who were hoping for a faster resolution to the legal uncertainty surrounding XRP. Judge Torres made it clear that no decision will be made until the appeal process is over, which has added to the market's bearish sentiment.

In addition to the legal setbacks, the XRP network is experiencing lower activity. Data from XRP Scan shows a significant drop in daily transactions and active addresses. Payments on the XRP Ledger fell from nearly 1.83 million per day to 277,147 on June 27, marking an 84% decrease. This decline in network activity, coupled with large XRP holders selling their assets, is further pushing the price down.

Investor hopes for a U.S.-based XRP spot ETF approval have also taken a hit. Just weeks ago, the odds of XRP ETF approval were over 95%, but they have since dropped to 76% following the latest court denial. This fading hope has led many investors to adopt a wait-and-see approach, further contributing to the downward pressure on XRP's price.

The broader crypto market is also not providing any relief. Bitcoin and other top coins are down as well, weighed down by ongoing geopolitical tensions and profit-taking. XRP, already dealing with legal stress, is feeling the pressure even more. The global market sentiment has turned weak, adding to the bearish outlook for XRP.

From a technical perspective, XRP's price has broken below its bullish flag pattern, indicating strong selling momentum. The MACD indicator also shows bearish signals, suggesting that the downward trend may continue. If this trend persists, XRP could dip towards $1.90 before possibly bouncing back with renewed strength. However, the overall structure of the market is getting weaker, and the price is holding between $1.90 and $2.30, with no decisive move yet.

The recent trend suggests that XRP is losing traction among new users, possibly due to a lack of sustained growth and uncertain market conditions. This, combined with the legal setbacks, has contributed to the overall bearish sentiment surrounding XRP. The market is currently in a state of indecision, with no clear direction emerging. The rejection of the settlement bid has added to the uncertainty, making it difficult for traders to predict the next move. The situation remains fluid, and any developments in the legal case could have a significant impact on the price of XRP.