Ripple has been having an eventful year, and unlike most altcoins, XRP entered the year with a sharp downtrend caused by the case filed against Ripple by the US Securities and Exchange Commission (SEC). However, Ripple has made significant breakthroughs in that case and has shown promise that the case will end in the company’s favour.
XRP is trading at $0.593 at the time of writing after a 2.5% gain.
XRP Price Analysis
Ripple started the week with a massive selloff that saw a retreat in prices. The bearish flag led to the token retesting low values of around $0.52. This retreat was caused by the massive losses across the entire market after bitcoin slumped to $29K.
However, the coin is now regaining some of its value, just like the rest of the market. XRP is currently trading in the green zone and is inching closer towards retesting $0.60, and in the near term, it could retest highs above $0.62.
XRP has strong buy signals at the moment, which could support stronger bulls. Consolidating above $0.60 will be good for XRP because it will offer some price stability to investors.
On the downside, XRP could also slump, leading to retesting lower values of $0.55. Retreating could lead to consolidation at around $0.54.
XRP’s trading volumes have been high in the past 24 hours, with Whale Alert publishing a 110 million XRP transaction equivalent to around $65 million on Huobi and Binance. Half of the transaction was conducted by Ripple distributed ledger technology (DLT).
🚨 🚨 🚨 60,000,000 #XRP (35,237,154 USD) transferred from Ripple to unknown wallethttps://t.co/vorZWn7WkN
— Whale Alert (@whale_alert) July 22, 2021
The popularity of RippleNet is also growing after Visa acquired CurrencyCloud, one of RippleNet’s strategic partners. CurrencyCloud uses remittance technology created by Ripple to facilitate cross-border payments; hence the acquisition is a win for Ripple, given that Visa is a global payments giant.
Besides adoption, there is a high chance that Ripple will win the case against the SEC after two out of five commissioners conceded that there was no precise regulation to differentiate which digital assets are securities and which are tokens.
Where to Buy XRP
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