XRP fell 17% for a month. What's next?

Key points: 

• XRP has lost nearly 17% over the past 30 days, and its market capitalization, currently below $20 billion, hit $19.4 billion on Thursday.
• Ripple made a small gain in the SEC lawsuit last month.
• Some notable accomplishments include overturning the SEC's decision to withhold documents related to former division chief William Hinman.
• Developments show that small gains no longer push XRP towards the greener side of the index.
• Ripple needs to win a bigger battle with the SEC to push the needle in the green.

XRP has lost nearly 17% over the past 30 days, and its market cap is facing a similar correction. In a month, XRP’s market capitalization has shrunk by $5 billion, falling below the $20 billion mark from the previous $25 billion. As fall rolls around, social media is getting positive news about Ripple’s lawsuit with the SEC. Its market capitalization, currently below $20 billion, hit $19.4 billion on Thursday.

Ongoing and harsh bearish market conditions are taking their toll on the leading cryptocurrencies, which are bleeding despite the good news. Crypto markets entered the red zone on Thursday as bitcoin and Ethereum fell 3 percent and 5.1 percent, respectively.

Source - coinmarketcap.com

What's next for XRP?

After being embroiled in a legal battle that has lasted more than a year, Ripple made a small gain in the SEC lawsuit last month. Some notable accomplishments include overturning the SEC's decision to withhold documents related to former division chief William Hinman. The documents show Hinman speaking in a speech saying that Ethereum (ETH) is a security.

Developments show that small gains no longer push XRP towards the greener side of the index. Ripple needs to win a bigger battle with the SEC to push the needle in the green.

XRP has failed to break above its $0.50 resistance since October and the only news of a bigger and positive lawsuit will allow it to break through.

Additionally, whales are also highly likely to transfer their XRP to unknown wallets. 

At press time, Ripple was trading at $0.38, down 0.4 percent in 24-hour daily trading. It is also 88.6% below its all-time high of $3.40 reached in January 2018.