The technology director of Ripple Labs said the news that the company was secretly controlling the XRP Ledger was a conspiracy theory. If the price of XRP exceeds the support at a slight upward trend line, it might confirm further bearish momentum.

The price of XRP continues falling slowly since fear, uncertainty, and doubt (FUD) grip the firm Ripple Labs. The collapse of FTX has affected the crypto market, of which that company is a part, worsening its situation.

The US Securities and Exchange Commission (SEC) started a lawsuit against Ripple in December 2020. They alleged that the firm had sold unregistered securities, making it one of the hardest-hit projects in the last few years.

Since then, the value of XRP has become increasingly weaker, despite seeing some light during the bullish run.

Recent news reported that Ripple Labs was allegedly controlling the XRP Ledger secretly, which harms the company further. Its technology director said it was a conspiracy theory fabricated through an artificial intelligence (AI) tool.

In addition, the firm recently filed the latest brief against the SEC, hoping these are the last days of this court case.

According to Ripple, the SEC has not confirmed whether the XRP token offering made between 2013 and 2020 was an investment contract sale. However, the case between the company and the US government agency has not reached a resolution.

The Weekly Technical Analysis of the Price of XRP

The weekly chart shows that the price of XRP is pessimistic, as the rebound in late September seemed only a respite before dropping further.

Although XRP is achieving support at a slight upward trend line, low purchase determination suggests it might lose it soon. Exceeding that line might confirm further bearish momentum, possibly looking for the USD 0.11 level.

Before buying, investors must know that the price must break above the resistance at USD 0.51. That scenario would be possible if the crypto market decided to make a broader rebound.

The Daily Analysis of the Price of XRP

The daily chart shows that the price of XRP is at a small uptrend line, which is currently at risk. If it lost the closest support at USD 0.37, it might confirm the start of further bearish momentum.

Before thinking about buying, investors must be aware that the value of XRP must overcome the resistance at USD 0.40.

Meanwhile, XRP is trading at around USD 0.3861 and has accumulated a 1.9% gain over the last 24 hours. While its daily trading volume is above USD 858.43 million, its market capitalization is about USD 19.42 billion, according to CoinGecko.

The above analysis indicates that the price of XRP will continue dropping in the following days. However, investors should continue researching the crypto asset to learn about its all-time high, behavior, and possible future prices. It is only a matter of time before seeing what will happen with Ripple and the value of XRP after the lawsuit ends.

By Alexander Salazar

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