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Ripple’s XRP has been one of the coins mainly affected by the recent volatility across the market. XRP mainly follows the trend of bitcoin and ethereum, and the two have been facing great resistance from making large gains. XRP has been battling for a position for the sixth largest cryptocurrency in terms of market cap after it was surpassed by Solana last week. XRP currently has a market cap of around $50 billion.
XRP is trading at $1.08 at the time of writing after a 3.4% gain in 24 hours.
XRP Price Analysis
XRP has been experiencing mild volatility over the past few days. The coin has failed to register any new monthly highs because support from the broader market has been weak.
The current uptrend has happened because of signs of an overall bullish rally in the market. If the uptrend continues, XRP will set the next target at $1.10. The coin managed to break past this level in the past day, but support was not strong enough. If buyers create a strong bullish rally, such highs could be achieved again.
Looking at XRP’s past trends, the coin’s price action heavily depends on what is happening across the broader market. If there is a price dip in bitcoin, XRP could slump to the lows of $1.05 and $1.03. A dip to support levels of $0.98 is also possible if market bears are strong.
XRP has also enjoyed gains after it was relisted by the TaoTao exchange in Japan. The exchange had delisted the coin following the charges levied against the firm by the SEC. Therefore, the relisting is a glimmer of hope that the coin will move to new all-time highs, as it made major losses after various exchanges delisted it.
The recent development in Ripple’s case with the US Securities and Exchange Commission (SEC) is that the commission has agreed that it did not inform any third party that XRP was a security. Following this admission, Ripple’s defence has strengthened, as the company can argue that it did not get a fair notice from the regulator.
Where to Buy Ripple
If you want to buy XRP during the current market bulls, you can create an account on eToro. eToro is a social copy trading platform where a new trader can learn crypto trading from expert traders. eToro’s trading fees and commissions are also low.
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