Ripple has denied the claims and argues the SEC can't regulate XRP because it’s a medium used in international and domestic transactions. The XRP price has crashed 70% since it soared to a peak of almost $2 in April, mirroring a broader cryptocurrency boom and bust. Its recent downward trading pattern, set to produce the first XRP "death cross" in five months, is broadly regarded as a bear market signal although some consider it a lagging indicator. Bitcoin saw a death cross trading pattern in June and didn't fall further as a result but has also failed to make up any ground after a sell-off in May. When bitcoin saw a death cross trading pattern in March 2020, it heralded a huge bitcoin bull run that helped even smaller cryptocurrencies surge to all-time highs.

Source: Forbes July 18, 2021 22:07 UTC