XRP, the digital currency associated with Ripple, started off strong on Wednesday with a promising gain of nearly 2%, holding steady above the safe $0.50 mark. However, early Thursday morning, XRP tumbled to $0.49 levels, signaling a choppy and uncertain trading day.
As the coin’s value hangs in the balance, the outcome of the Ripple vs. SEC case could have far-reaching consequences for both the cryptocurrency market and Ripple’s future.
The abrupt dip raises the question: are investors losing faith in the ongoing case — or is this merely a temporary blip on XRP’s upward trajectory?
XRP Experiences Short-Term Dip, But Long-Term Outlook Remains Positive
According to Coingecko data, XRP is currently priced at $0.496676, experiencing a slight 0.6% dip in the past 24 hours and a more significant 8.5% dip in the last seven days. However, despite recent setbacks, the digital asset has still managed to register an impressive 30-day rally of 35.2%.
Market onlookers have been keeping a watchful eye on the Ripple case, with many expressing optimism that it will result in a positive outcome for the company. This sentiment has spurred a surge in XRP’s price in recent weeks, as investors eagerly anticipate the resolution of the ongoing legal battle.
Despite the recent dips, XRP’s impressive 30-day rally can be attributed to the bullish sentiment surrounding the Ripple case, and many are eagerly awaiting further developments in the coming weeks.
XRP’s Path To Bullishness
As per TradingView charts, XRP’s short-term prospects are reliant on breaking through the pivot point of $0.5106 to set sights on the first major resistance level at $0.5223, and ultimately target Wednesday’s high of $0.52646.
A return to $0.5150 would indicate an optimistic session. However, for the breakout to be sustained, the Ripple vs. SEC narrative must continue to bolster XRP.
If the pivot point is not breached, XRP risks falling to the first major support level at $0.4947. However, as long as the selling pressure remains under control, the coin should hold steady above sub-$0.4850 and the second MSL at $0.4830.
XRP total market cap now at $25 billion on the daily chart at TradingView.com
Overcoming Resistance
If another extended rally ensues, XRP could test the second major resistance level at $0.5382. The third resistance Level is at $0.5658.
As the legal proceedings continue, many will be watching closely to see whether XRP can sustain its bullish momentum and reach new heights in the weeks and months ahead.
-Featured image from Investopedia