Ripple has managed to make incredible gains this month following the ongoing crypto market rebound. However, it currently seems that XRP is no longer heading the charts in crypto gains, as it is currently retreating to lower levels. The recent dip could be attributed to bitcoin, which has retreated to around $45K.
XRP is trading at $1.18 at the time of writing after an 8.7% dip in 24 hours.
XRP Price Analysis
Ripple’s price has lost some of the gains made at the beginning of the week. The coin managed to reach a monthly high of $1.35 last week, which increased trader buzz surrounding the Ripple coin. The massive gains in the past week also raised speculation that XRP could rally to $2.
However, contrary to the expected uptrend, XROP has gone back to retest the $1.10 support. If the coin intends to rally to $2 and beyond, it needs strong support at the $1.60 resistance level. The market is still bullish, which indicates that XRP’s uptrend has not been erased. On the other hand, volatility is expanding.
If market and buyer support fails and XRP is forced to another strong dip below $1.10, the lower support for the coin will be at around $1.02. If it retreats below $1, XRP will enter another bearish trend that could trigger selloffs, and the coin could go back to the July 20 lows.
Details of the ongoing case between Ripple and the US Securities and Exchange Commission (SEC) continue to emerge. Recently, Ripple filed a motion letter to block the SEC’s request for a million slack messages. Ripple stated that obtaining these messages was a burdensome and disproportionate process. Ripple’s legal team also pointed to how other courts have rejected similar discovery cases in the past.
Where to Buy Ripple
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