XRP is struggling to move out of a tight range in the past few weeks. It has also failed to see significant price pump progress.
- XRP is unable to exceed the critical $0.53 resistance level
- Altcoin’s price movements are in narrow bands.
- Even though there have been previous sales, whales still accommodate
The asset’s trading data chart reveals it is trapped within a Fibonacci support and resistance region where it encounters strong challenge surpassing the $0.53 marker.
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XRP fails to surpass this level of price every time it tries. It ends up at the $0.43 support. Since September, this cycle has continued for altcoin.
The virtual currency fell by 1.3% in the last hour despite the rally that took place on the crypto markets. It is currently down 4.4% over the past 2 weeks despite the fact that it has been rising. As of press time, tracking data was from CoingeckoThe digital currency trades at $0.47
Good news is that the Relative Strength Index has risen above the support line, which signals a bullish signal to investors. The asset is currently the focus of litigation between Ripple Labs and U.S. Securities and Exchange Commission.
Ripple To Support XRP Development
Despite being involved in a lengthy legal dispute, Ripple has shifted its attention to network development activities which will assist XRP with its recovery.
Recent announcements by the company included the launch of their third division.D waveA $250 million Creator Fund is available to all creators both of digital tokens and non-fungible tokens.
Ripple announced that applications are open through December 30th 2022. Any interested applicant is welcome to apply for the Creator Fund worth millions.
This is still in line with the company’s goal of increasing network activity of Ripple users and also underscores their interest to grow their NFT market.
Should Investors Purchase XRP Now?
The crypto currency isn’t moving as much in the price range. InvestorsYou might be tempted to invest now while you wait for the bullish market rally.
XRP whales do the same thing, accumulating as many as possible even during the tiny surge that helped crypto boost its total valuation to more than $1 trillion.
However, it is important to remember that accounts holding over 10,000,000 tokens have sold their cryptocurrency and reduced their balances.
This would mean that while some big investors are buying, the others are selling, ensuring balance to the asset’s distribution.
Analysts think it wise to retain the asset as Ripple Laboratories is poised to win the legal battle against SEC.
This development is being viewed as a trigger for an XRP rally, which will end the bearish cycle.
Image from The Daily Hodl. Chart: TradingView.com| Featured image from The Daily Hodl, Chart: TradingView.com Disclaimer: This analysis is the author's opinion and should not necessarily be considered investment advice.