Mon, 13/05/2024 – 15:54
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The broader crypto ecosystem is in recovery mode, a trend that is currently being led by Bitcoin (BTC). At the moment, the combined crypto market cap has soared by 1.44% in 24 hours with the valuation coming in at $2.29 trillion. Of this reboot, the XRP price is subtly in the spotlight as it has joined the rally to flip its most important resistance in the short term.
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At the time of writing, the coin is changing hands for $0.5047 atop a 0.2% surge in 24 hours. While XRP is still down by 5.09% for the week, market watchers believe the current flipping of the $0.5 resistance point’s support might suggest the worst of the drawdown is over.
After soaring as high as $0.72 this year, XRP backtracked and fell as low as $0.48. The coin has been struggling from this low price level and the $0.57 point since at least mid-April. Breaking the $0.5 level now serves as a litmus test for XRP as analysts anticipate what the next moves will be.
Overall, XRP has maintained relatively poorer-than-expected volatility; however, with its Relative Strength Index (RSI) now pegged at 43.15, the overselling may soon be in reverse mode.
There has been a lot of network development around the XRP Ledger protocol that might impact the outlook of XRP in the long term. With new validators being onboarded, XRPL now stands as one of the L1 protocols with a massive enterprise backer, including SBI and Infinite Block.
The outcome of the Ripple v. SEC lawsuit may also shape the future growth prospects of XRP in the long term. Should Ripple Labs be charged a minimal deterrent fee for violating securities laws as concerns sales of XRP to institutional investors, there may be a boom in the price of the coin overall.
