In spite of suffering, the XRP price has shot up 6% during the past 24hrs A 28% slump on April 16. Crypto recovered on May 1, and is now stronger than ever with an additional 12%.
XRP will soon be on the road to recovery.
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XRP’s expected jump would be at 30% in Q2 this year. (Image credit: Dreamstime.com)
Ripple (XRP) – Pioneering The Crypto Scene
XRP, along with Ethereum and Bitcoin was one of three pioneers in the first crypto market. It was one of the pioneers in the early cryptocurrency markets, and saw huge price rises beginning 2017.
Recent turmoil has seen the cryptocurrency and all other cryptos suffer from stunted growth due to regulatory, political and environmental issues.
The decline was expected but it’s not a happy state as it is for crypto traders all over the globe. XRP appears to be improving and gaining momentum, which is a different story from other currencies.
Legal Battle between Ripple and SEC
After hitting intraday highs at $0.63, XRP currently trades at $0.61. The positive investor and technical sentiment that triggered XRP’s bullish rebound, despite setbacks by the U.S. Securities and Exchange Commission lawsuit.
Ripple was accused of illegally using cryptocurrency XRP to sell securities. Ripple appears to have won this legal battle in terms of market capitalization.
Relative Strength Index, or RSI on XRP has reached a peak point that is considered to be oversold. It indicates that there seems to be no selling. In this situation, investors will normally look to buy other entry points.
Total market capital for XRP at $29.76 Billion according to the daily chart. Source: TradingView.com| Source: TradingView.com
RSI is a measure of current market fluctuations and movements to establish if a particular coin or asset has been oversold, or underbought.
A reading of RSI below 30 indicates that an asset has been oversold. Despite the ongoing SEC suit, investors seem unscathed.
SEC and Ripple agree to extend legal battle until 2023; XRP bears the Brunt Of Case| SEC, Ripple Agree To Extend Legal Battle Until 2023; XRP Bears The Brunt Of Case
Even in Legal Brawl, Momentum
Ripple thinks it is already in the losing end of the legal fight because the case has been going on for a while. Ripple doesn’t seem bothered.
However, they believe that their company has the potential to achieve unprecedented growth outside the United States. XRP’s expected jump shot would be at 30% in the second quarter this year.
The current buying mood jumped to $0.58. It provided support in January, encouraging XRP to rise above 50%. Strong support is provided by the XRP/USD pair on daily price charts at the $0.58 level.
It indicates a lower trendline, with the pattern a descending triangular triangle. This is turning bearish and will be $0.18 for the next two months.
Overall, XRP appears to have benefited greatly from ongoing legal controversies with the SEC. XRP is now a speculative investment for traders.
Featured Image from TradingView.com. Chart from TradingView.com.