XRP Price Eyes $0.55 Rally Despite SEC’s $2 Billion fine on Ripple

XRP Price Eyes $0.55 Rally Despite SEC’s $2 Billion fine on Ripple
XRP Price Eyes $0.55 Rally Despite SEC’s $2 Billion fine on Ripple
XRP price action vs TOTAL 2 Global Altcoin Market Cap

At the time of writing on May 11, XRP price is hanging precariously above the $0.50 milestone support level. Zooming out, it reflects a 12% decline from the weekly top of $0.57 recorded on Monday.

In comparison, to the broader altcoin markets, which has only declined by 7% during that period, XRP price has performed worse than the market average. This underwhelming performance can be attributed to recent developments surrounding Ripple’s long-running lawsuit with the SEC.

Earlier this week, SEC reaffirmed its recommendation of a hefty $2 billion fine on Ripple, after the firm had appealed to the US District Judge Annalisa Torres for much more lenient $10 million penalty.

XRP Network Transactions Surged 120,000 this Week

Analysts anticipate that SEC $2 billion recommendation will be upheld by the Judge. Likely, investors’ negative reaction to this development has contributed significantly to the 12% dip that saw XPR prices tumble below $0.50 on May 11.

Recall that XRP had initially beaten the market average to a 15% rally in the first week of May. On the bright side, on-chain data trends show that fundamental bullish catalysts that drove XRP price action in early May are still in play, despite bearish headwinds generated by the SEC’s $2 billion slammer.

A key indicator of this is Santiment’s Network Transactions chart below, which captures the daily count of all transactions executed on the XRP Ledger blockchain.

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