Market

XRP Forms Crucial Support as Insane Selling Pressure Wears Off

Sat, 6/07/2024 – 17:45

Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

The fast-growing market rebound is good news for XRP and its investors. Joining the broader market, XRP is changing hands for $0.4354, up by 4.71% in the past 24 hours. This growth reboot has helped it shrink its losses over the past week to just 8.44%.

Advertisement

XRP reemergence

After plunging as low as $0.39 in the past seven days amid epic bull liquidation, XRP has flipped this price point as its crucial support level. The historical performance of XRP makes it an interesting asset to watch. Thus far this year, XRP has bounced on and off the $0.4 trendline with no record of sustained breakout to date.

Related

XRP’s struggles as a dominant asset on XRP Ledger are multifaceted. Besides battling tough competition from its dominant alternatives like Bitcoin (BTC) and Ethereum, the Ripple v. SEC lawsuit also marked a turning point for the coin.

Since December 2020, when the lawsuit was launched to date, XRP’s growth has been caught up in limbo. Despite entering a rebound mode as the current selling pressure wears off, experts project that should the remedies not be settled and the case closed, XRP’s breakthrough might be impossible to pull off in the near term.

Relying on XRP Ledger evolution

Despite the unavoidable roadblock placed by the SEC lawsuit, XRP is drawing new potential from other use cases it directly takes care of. One of these is XRP Ledger, which is looking to diversify automated market maker (AMM) pools for extended service to the community.

Related

The Ripple payments plan is also another use case that XRP has been featuring in for some time now. The coin is recognized as one of the most versatile for cross-border payments in the industry. While proponents agree on the impact these extra use cases can have on the price of XRP, there is no consensus on the timeline the coin will properly match what many think it is worth.

SOURCE

Leave a Comment

api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api