XRP price is surging now, yet bearish shadow hovers around the coin.
The legal dispute between Ripple and SEC plays a key role in the movement of XRP.
XRP is displaying a recovery wave after surpassing the $0.5 mark. The price is striving to go above the $0.5050 resistance level; it could gain a bullish pace if it clears the $0.520 resistance level.
XRP Price Chart (Source: CoinMarketCap )
At the time of writing, the token trades at $0.5165, an increase of 3.05% in the last 24 hours as per data from CMC. The bouncing back indicates a bullish trend, and this implies that the bulls are redefining the current direction of the token.
XRP experienced growth in its purchase as well, for the first time in weeks. Despite the recent surge, the token is still in a downward trend.
The Future Track of XRP
The immediate resistance is close to the $0.5185 level, and the first key resistance is near $0.5200. A close above this resistance zone could send the price higher. The next resistance is near $0.5220. If the bulls breach the $0.5220 resistance level, there is a chance to rally towards the $0.5350 resistance. Further gains might send the price up to $0.550 resistance.
If XRP fails to clear the $0.520 resistance level, the price will likely start another decline. Initial support on the downside is at the $0.5145 level, and the next major support is at $0.5120.
Ali Martinez, a top crypto analyst, mentioned that over the past two weeks, Ripple Whales have made hefty purchases, accumulating over 110 million XRP, worth around $55 million.
Experts suggest that the ongoing legal dispute between Ripple and the SEC is a considerable factor behind the XRP’s underperformance. Ripple argues that it’s a currency, while the SEC alleges XRP as a security. Thus, the lawsuit shadowed over the cryptocurrency created an insecure and doubtful environment.
The crypto market remains a complex and unpredictable environment, where tokens like XRP are drawn by broader market sentiments and technical performance.
Highlighted news of the day:
Coinbase to Enter Australia’s Pension Sector with Crypto Offerings
