Ripple’s XRP has been experiencing major gains over the past day because of the support garnered from the broader crypto market. XRP’s gains have enabled the coin to head towards even major levels, and despite strong resistance from the market, the coin has shown great resilience. It is currently heading towards creating remarkable gains in the coming weeks.
XRP is trading at $1.32 at the time of writing after a 5.1% gain in 24 hours.
XRP Price Analysis
XRP has been on a major upswing in the past week because of the gains attributed to market support. If the uptrend continues, XRP could break past the next resistance level of $1.34. The broader market support is strong, and if it holds, we could see the coin making even more gains.
After $1.34, the next target for XRP will be $1.40. If these levels are achieved and market support holds in the coming months, XRP could break past the May highs of $1.85 and set a new target at $2.
On the other hand, we could also see XRP heading towards lower levels if the broader market lacks support. In this case, we could see the support of $1.30 being retested. If XRP retests the lower support of $1.28, we could see buying pressure accumulate at these levels, attributed to traders buying during the dip.
The recent rise in XRP comes as the XRP community believes that the coin will continue rising due to signs that the case against the firm filed by the US Securities and Exchange Commission (SEC) could end in Ripple’s favour. Last week, Ripple filed a motion against the SEC requesting records of employees who have XRP holdings.
However, the SEC has refused to produce these documents, which has raised speculations that the documents could affect the SEC’s case. If the SEC hands over these documents and reveals some commission members have XRP in their crypto investments, it could weaken the commission’s case that XRP is a security.
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