XRP has recorded phases of high price volatility in recent weeks as the token’s community monitors the progress of the ongoing cases between the Securities Exchange Commission (SEC) and Ripple. 

Indeed, XRP is undergoing selling pressure, resulting in the cryptocurrency losing $4.87 billion in market capitalization within a month. By press time on December 7, XRP’s market cap stood at $19.04 billion, representing a monthly drop of about 20% from $23.91 billion recorded on November 11. 

XRP price analysis

Elsewhere, the selling pressure has impacted the token’s price, which has plunged by 20% over the same period. As things stand, the seventh-ranked cryptocurrency by market cap is changing hands at $0.38. 

Notably, the focus has been on XRP bulls to push the asset’s price past the crucial $0.40 position. The level is a key resistance level for XRP and will likely allow the token to hit $0.50. Elsewhere, if the selling pressure is sustained, XRP faces a possible further correction to $0.35. 

Impact of the Ripple case

Interestingly, the XRP has lost a share of its capitalization despite Ripple registering minor wins in its battle with SEC. In this line, legal analysts have projected that the case might be ruled in favor of the blockchain firm amid speculations that the two parties will likely settle the matter. 

Some notable wins include a decision by the…