Ripple’s XRP was one of the hardest-hit tokens in the past week, and it is now showing signs of recovery after Bitcoin picked from below $30K to $33K and gave support to altcoins.
The token has risen past critical levels and is trading at $0.645 at the time of writing. Its current value is a 16.8% growth in the past 24 hours.
Ripple Price Analysis
The token broke out of its bearish zone in 24 hours and started trading at above $0.60 levels. The coin had initially retreated to testing support levels of $0.50, but it is now picking up and creating its next support line at $0.75. From there, its next resistance will be $1.00 and then $1.25.
The slight recovery of XRP may create selling pressure over worries that the price may retreat again. However, a further retreat may also create a buying position, and hence we may see the prices stabilizing at the $0.50 and $0.60 support levels.
Altcoins, including Ripple, have been following the trend of bitcoin in terms of value following the recent China crackdown. Hence, if more Bitcoin mining regulations are imposed in mining hubs in China, it is inevitable for the price of XRP to fall.
Currently, the XRP community is hopeful that a motion filed by the SEC will be turned down. In the ongoing Ripple lawsuit, the SEC has filed a motion to bar a former SEC official from being questioned under oath. Even though the former employee’s names have not been disclosed, the crypto community has speculated that it could be the former SEC Chief, Jay Clayton.
#XRPCommunity #SEC_News v. #Ripple #XRP @stedas SEC announces intention to file, on Thursday, June 24, 2021, a letter motion to quash a deposition subpoena served by Ripple on a former SEC official. Briefing schedule below. pic.twitter.com/F03MVJw1qU
— James K. Filan (@FilanLaw) June 22, 2021
With many motions going in Ripple’s favour in the past, there is a high likelihood that the judge may dismiss the SEC motion. This will have a positive impact on XRP prices.
In other news, a former CTO of Ripple, Jed McCaleb, has dumped 214.5 million XRP tokens and deposited them back to exchanges. McCaleb, who is also the founder of Stellar, sold the XRP tokens in the past three weeks, increasing the token’s supply on exchanges. Such a sell-off may have been one of the causes for XRP’s massive downtrend.
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