The crypto market has been on a rebound in the past 24 hours. Various coins have recovered from previous lows created by a bearish sentiment in the market. Ripple is among the altcoins making gains after trading in the red zone for several days. With the recent gains, XRP could be headed to new highs if the bullish holds.
XRP is trading at $1.20 at the time of writing after a 5.5% gain in 24 hours.
XRP Price Analysis
Ripple is currently making gains that have enabled the altcoin to retest the higher resistance of $1.20. If it manages to hold past this resistance level, we could see it headed towards higher levels.
Currently, support from the broader market is fuelling XRP’s gains. Most altcoins are trading in the green zone, and XRP has mimicked this. If the bullish sentiment holds, we could see XRP headed towards the next resistance level of $1.22. During the past 24 hours, XRP had managed to break past these resistance levels and headed towards$1.24 before being rejected. With the current support, such highs could be achieved again.
On the other hand, volatility during the past few weeks has been high, which means that XRP could head towards lower levels. If there is a slip, XRP could retest the lower support of $1.18 and $1.16. A stronger bearish trend could push XRP towards $1.10 again.
Ripple’s case with the US Securities and Exchange Commission (SEC) is still making headlines. Recently, the commission demanded to access audios and videos of internal meetings held by the company. The SEC states that details of these meetings could expose whether Ripple tried to influence XRP’s prices or expect profits, establishing whether XRP is a security.
On the other hand, Ripple has filed a motion to reveal SEC employees who hold XRP. This will reveal whether the SEC allowed its employees to trade in XRP, despite the commission stating that XRP is unregistered security. The motion also asks the SEC to reveal internal trading policies for digital assets.
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