XRP Price Bounces Back, Up 6% In 24 Hours, After Suffering Major Hiccup
03 Mayo 2022 - 07:33AM
NEWSBTC
XRP price shoots 6% over the past 24 hours despite suffering a
slump of 28% on April 16. The crypto was able to bounce back on May
1 and get stronger by the day with a surge of 12%. XRP is set on
its road to recovery in the coming weeks. Suggested Reading |
What’s In A Name? Ethereum Domain Name Sales Climb 2,300% XRP’s
expected jump would be at 30% in Q2 this year. (Image credit:
Dreamstime.com) Ripple (XRP) – Pioneering The Crypto Scene XRP was
one of the frontrunners of the early crypto market alongside
Bitcoin and Ethereum. It is was one of the pioneers of the early
cryptocurrency market, which experienced massive price hikes in
early 2017. Recently, the crypto together with all other
cryptocurrencies has been experiencing turmoil and stunted growth
because of political, environmental, and regulatory issues. The
decline was expected but it’s not a happy state as it is for crypto
traders all over the globe. However, unlike others, XRP seems to be
recovering and gaining momentum. Ripple-SEC Legal Battle XRP is
currently trading at $0.61 after experiencing intraday highs of
$0.63. Its bullish comeback seems to have been triggered by
favorable investor and technical sentiment in spite of setbacks
from a lawsuit by the U.S. Securities and Exchange Commission.
Ripple was sued by the SEC for selling securities illegally using
XRP. Nevertheless, Ripple seems to be winning in market
capitalization from this legal battle. The Relative Strength Index
(RSI) on XRP seems to have come to a maximum point considered as
oversold which signals that the heavy selling activity seems to
have drained itself dry. With that scenario, investors would
normally turn to other entry-point buying
opportunities. XRP total market cap at $29.76 billion
on the daily chart | Source: TradingView.com RSI measures current
fluctuations or movements in market price to determine whether a
specific coin or asset is oversold or overbought. The technical
analysis indicator of RSI with a reading below 30 would mean that
the asset is oversold. Investors seem unfazed even with the SEC
lawsuit going on. Suggested Reading | SEC, Ripple Agree To Extend
Legal Battle Until 2023; XRP Bears The Brunt Of Case Momentum
Despite Legal Brawl Ripple operates in the perspective that it has
already lost the legal battle because it has been dragging for
quite some time now. Nevertheless, Ripple is unbothered. Instead,
the company is confident that they are set for a breakthrough in
growth especially outside of the United States. XRP’s expected jump
shot would be at 30% in the second quarter this year. The current
buying sentiment climbed to $0.58 which provided solid support in
January this year, pushing XRP to go above 50%. XRP/USD tandem on
the daily price charts now provides strong support around the $0.58
level. It signals a lower trendline with the pattern of a
descending triangle that is getting bearish going for $0.18 in the
next couple of months. Overall, XRP seems to have benefited from
the ongoing legal tussle with SEC. In turn, XRP has become a
speculative asset for traders. Featured image from VOI, chart from
TradingView.com
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