XRP started 2021 on a low note after getting delisted from several exchanges because of the case filed against it by the US Securities and Exchange Commission (SEC). However, Ripple’s XRP has managed to recover from the effects of this case, and it is currently on a major recovery. Nevertheless, XRP is yet to break past its all-time high.
XRP is trading at $1.28 at the time of writing after a 1.4% gain in 24 hours.
XRP Price Analysis
XRP’s volatility has spiked over the past week because of the price action happening across the broader market. Currently, this support is giving XRP the momentum needed for it to progress to higher levels.
The next resistance level that XRP faces is that of $0.30. The coin has attempted to break past this resistance severally, but it has been rejected. However, the support garnered from the broader market will enable XRP to retest these levels, and we could see a rally towards $0.32. buying pressure will also play an integral role in XRP’s upswing.
On the flipside, XRP could slump if buyers fail to support the current uptrend, causing market support to fail. In this case, XRP will push lower to retest the lower support of $1.27 and $1.26. These support levels have been tested in the past 24 hours, enabling XRP to push to higher grounds.
Ripple has received yet another blow in the ongoing case with the SEC. Judge Sarah Netburn had ordered Ripple to give the SEC access to over 1 million slack messages missing in the previous discovery phase. On the other hand, Ripple has filed a motion to compel interrogatories’ responses as to whether ether is a security. This has backed the SEC into a corner, as either response from the regulator will be a win for Ripple.
Rakuten, a leading Japanese online retailing company, has announced the resumption of XRP margin trading on the Rakuten Wallet exchange. The service was halted two days after the SEC filed an illegal security offering case against Ripple. In its announcement, Rakuten stated that Ripple’s prices had now stabilized.
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