Ripple price analysis: Cryptocurrency value depreciates to $0.4675 after bearish spin

The latest Ripple price analysis shows that the cryptocurrency has taken a hit and is currently trading at $0.4675. This is after it underwent a bearish spin that saw its value depreciate from $0.5069.

Timeline of Xrp

The crucial legal battle between Ripple and US SEC, which is expected to provide clarity over crypto regulations has entered the Summary Judgment phase. However, the XRP community seems pretty confident over the blockchain firm's motion in the Ripple lawsuit.

XRP is at the number 6 spot in terms of market capitalization, making it one of the largest cryptocurrencies out there.  XRP (XRP/USD) has experienced an increase in trading volume by 40% in the last 24 hours and an increase in its value by 56% throughout the past week.

Recent motions filed for the Summary Judgement in the long running legal battle between US SEC and Ripple have brought relief to the XRP community. Experts are suggesting that the commission has failed to establish the XRP is a security.

The Reserve Bank of Australia on Monday released the white paper for the central bank digital currency (CBDC) pilot project (eAUD) in collaboration with the Digital Finance Cooperative Research Centre (DFCRC). Interestingly, the CBDC pilot is led by Ripple's former executive Dilip Rao.

XRP whales have been spotted moving huge bags of crypto as Ripple's lawsuit with the U.S. Securities and Exchange Commission (SEC) takes a new turn. First reported by blockchain tracking service Whale Alert, a handful of XRP whales moved over $130 million in crypto over the course of two days this weekend.

XRP just concluded its best week since June after delivering an upside of 63% in the last 7 days. This rally underscored the return of investor confidence now that the SEC-Ripple Labs legal battle is expected to end soon.

Ripple, as the fourth-largest cryptocurrency by market capitalization, saw increases of over 30% during the last 7 days, according to CoinGecko.  The price extended to nearly $0.56 on Friday but got quickly rejected.

The Ripple price analysis is bearish as selling pressure has built from the bearish side. The market followed the bullish trend for the last two days, and the coin gained significant value during this time, but a correction was due for continuing further upside later on.

A closely followed crypto strategist is predicting big rallies for XRP as the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) heats up. The SEC sued Ripple in late 2020 under allegations that it issued XRP as an unregistered security.

Of late, XRP has received a lot of media attention, in part due to its legal disputes with the SEC and partly owing to its appreciating price trend. In fact, data from LunarCrush indicates that XRP's social engagements and mentions have also seen a favorable response lately.