The XRP price has dropped by 0.5% in the past 24 hours, as the cryptocurrency market remains largely unchanged over the same timeframe. Its current price is $0.344898, representing a 12% fall in a week and a 5% decline in a month, following a difficult period for the entire market.

XRP's latest movements follow remarks yesterday from Ripple CEO Brad Garlinghouse, who described as "ridiculous and frankly shameful" the fact that SEC Chairman Gary Gensler had met former FTX CEO Sam Bankman-Fried on multiple occasions prior to the exchange's collapse in November. Garlinghouse's comments highlight the perceived weaknesses of the SEC's case against Ripple, which is due to end in the New Year, potentially kicking off a major XRP rally.

Based solely on an inspection of XRP's chart, the altcoin should be due a rebound anytime soon.

Its relative strength index (purple) has fallen close to 30 in the past few days, something which suggests that recent selloffs have neared their bottom. Similarly, its 30-day moving average (red) has recently dipped below its 200-day average (blue), and when it sinks a little further a recovery rally may be due.

These recent movements have occurred against a backdrop of the ongoing fallout from November's spectacular FTX collapse, as well as of Ripple's long-running case against the SEC. Brad Garlinghouse touched on both yesterday when he highlighted the apparent inconsistency of the securities regulator pursuing Ripple while doing nothing to protect investors from FTX, with which Chairman Gary Gensler apparently had a friendly relationship.

Of course, this tweet alone is going to have no direct effect on Ripple's case with the SEC. Nonetheless, it perhaps serves as an important reminder that the SEC's