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Ripple has been on a dip in the past 24 hours, attributed to the ongoing bearish trend across the broader market. The coin has made double-digit losses that have erased most of the gains made in recent days.
XRP is trading at $1.09 at the time of writing after a 15.8% dip in 24 hours.
XRP Price Analysis
XRP has been on a sharp decline in the past 24 hours because of a sudden pullback from the broader market. Because of this dip, XRP has erased most of the gains made over the past month to start trading at lows of around $1.
For XRP to maintain buyer support and continue with an upward rally that could lead to a price recovery towards its all-time high, the coin needs to maintain a rally above $1. If it retreats below the $1 level, the coin will retest the lower support of $0.98.
While this level could attract traders who want to buy during the dip after being left out in the current bull run, it could cause further falls if market support continues to weaken.
On the other hand, market bulls could kick in again, and we could see XRP make a recovery towards the next major resistance at $1.10. Before the 24-hour recession, XRP was trading at around $1.30, and we could see these levels being achieved again.
Ripple’s community has been actively following the details of Ripple’s case with the US Securities and Exchange Commission (SEC). The recent development, in this case, is that Ripple has responded to the commission’s objection to reveal trading details of its staff. In its response, Ripple has stated that the documents will not be contrary to the commission’s privacy act.
The SEC has also threatened to sue Coinbase if it launches a crypto lending program. Following this development, the Ripple community has mounted pressure on Coinbase to resume XRP trading. Coinbase delisted XRP after Ripple was charged with an illegal securities offering in December 2020.
Where to Buy XRP
If you want to buy XRP during the current market bulls, you can create a cryptocurrency exchange account on eToro. eToro is a reputable exchange platform that supports a wide range of cryptocurrencies and trading pairs. The exchange also offers user-friendly features such as copy trading, which allow new traders to learn from market experts.
Looking to buy or trade Ripple (XRP) now? Invest at eToro!
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