According to CryptoPotato, Ripple's XRP has managed to maintain relative stability amidst the ongoing market turbulence. Over the past 24 hours, it has added 0.62% to its price and remains within a relatively tight range around $0.48. Data from CoinMarketCap reveals that the XRP trading volume has seen a significant increase of 100% in the past 24 hours. This, coupled with the relative stability in XRP’s price, suggests that the current trading range for the cryptocurrency is crucial and could lead to a significant move.
A detailed examination of the daily chart shows that Ripple has been consolidating between the substantial support of $0.47 and the crucial resistance of $0.55. The price is forming a sideways triangle pattern. The direction of the breakout is likely to determine the trend for this cryptocurrency in the mid-term.
Another factor that might be affecting XRP’s price and volatility is the ongoing lawsuit between Ripple and the United States Securities and Exchange Commission. The outcome of this case will determine whether or not XRP will be classified as a security in the eyes of regulators, which is an important consideration for both new and existing investors. The lawsuit is currently in its trial phase and it doesn’t seem like it will be ending any time soon, meaning that volatility is likely to elude the XRP market until that happens.