XRP is currently experiencing a surge in price, but there is a lingering bearish sentiment surrounding the coin. The ongoing legal battle between Ripple and the SEC is playing a significant role in XRP’s movement.
The price of XRP is showing signs of recovery after surpassing the $0.5 mark. It is now striving to break above the $0.5050 resistance level, and if successful, it could gain bullish momentum by clearing the $0.520 resistance level.
As of now, XRP is trading at $0.5165, marking a 3.05% increase in the last 24 hours according to data from CMC. This bounce back indicates a bullish trend, suggesting that the bulls are redefining the token’s current direction.
Interestingly, XRP has also witnessed an increase in its purchase for the first time in weeks. However, despite this recent surge, the token is still in a downward trend.
Looking ahead, the immediate resistance for XRP is near the $0.5185 level, with the first key resistance at $0.5200. A successful close above this resistance zone could push the price higher. The next resistance level is around $0.5220, and if the bulls manage to breach it, there is a chance for a rally towards the $0.5350 resistance. Further gains could even push the price up to $0.550.
On the other hand, if XRP fails to clear the $0.520 resistance level, we can expect another decline in price. The initial support on the downside is at $0.5145, followed by a major support level at $0.5120.
Notably, renowned crypto analyst Ali Martinez reported that Ripple Whales have been making significant purchases of XRP over the past two weeks, accumulating over 110 million XRP, which is worth approximately $55 million.
Experts believe that the ongoing legal dispute between Ripple and the SEC is a significant factor contributing to XRP’s underperformance. Ripple claims that XRP is a currency, while the SEC alleges it to be a security. This lawsuit has created an atmosphere of uncertainty and doubt around the cryptocurrency.
In the volatile and unpredictable crypto market, tokens like XRP are influenced by broader market sentiments and technical performance. It is a complex environment where factors such as legal disputes can have a substantial impact on a coin’s trajectory.
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