Ripple has been trading at slight bears this week. Even though some gains have been reported, the token has failed to make any significant gains. After signs that Ripple’s ongoing case with the SEC could be progressing behind closed doors, price fluctuations for XRP usually caused by developments in the case may not be seen.
XRP is trading at $0.613 on major exchanges at the time of writing after a 1.9% dip in 24 hours.
XRP Price Analysis
XRP is still trading above the critical support level of $0.60. going below this level will be bad for holders because it might trigger even stronger bulls that may push the token’s price to lower levels. However, retreats may be suitable for short-term holders who want to buy during the dip.
On the other hand, the value of XRP might recover an uptrend again, and in this case, we might see XRP retest the $0.65 resistance level. To reach this level, Ripple will need support from the broader cryptocurrency market. XRP’s strong bulls will only be established when the value pushes above $0.70.
XRP’s volatility is relatively low, given that no large price fluctuations have been reported. Because of this, a significant dip may not be witnessed, hence making the coin a safe buy currently.
On Thursday, the broader crypto market fell with an almost $100 billion loss reported, as BTC retested $33K. This slide caused the dip in XRP and other altcoins.
Ripple venture into NFTs after its partnership with Mintable last week may be good for the XRP token. The NFT space is rapidly growing; hence if Ripple managed to acquire a space in this sector, it would boost its value and stability.
The growth of Ripplenet is also forming a solid basis for Ripple in the argument against the SEC. With over 1300 companies now linked to using this network, a legal expert, John E. Deaton, has stated that the SEC’s argument that “XRP lacks utility” has weakened.
Such positive developments in Ripple’s ecosystem may be good for the price and stability of Ripple in the future.
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