The cryptocurrency market has erased some slight gains made since the market started rebounding in late July. Ripple is among the best gainers in the recent rebound, but a recent pullback erased some of those gains. However, XRP’s bullish sentiment is still strong, with many hopeful that new highs will be created.
XRP is trading at $1.13 at the time of writing after a 1.5% gain in 24 hours.
XRP Price Analysis
In the past few days, XRP has been making slight losses attributed to a lack of market support. Bitcoin and Ethereum have failed to make new gains, and they have even retreated in the past 24 hours. These losses have led to XRP shedding some of its recent gains.
Currently, XRP is retesting the lower support of $1.10. If this level holds, buyers could rally buying support, and XRP prices could head higher. Buyers who will fuel support at this level are those taking advantage of the dup to benefit from the overall bullish sentiment that is present in the market.
On the other hand, XRP could fail to register any new gains. In this case, we could see Ripple heading towards the lower resistance of $0.98. This will be a critical level for XRP because the failure of market or buyer support at this level could lead to significant losses that could erase most of the bullish gains made this week.
Ripple’s case with the US Securities and Exchange Commission took an interesting turn on Tuesday this week, as Ripple suffered a major blow. Parts of William Hinman’s deposition were made public, where the former SEC official stated that he had warned Ripple against XRP sales, as the digital asset was security. Hinman also stated that he had urged Ripple to stop the XRP sale until compliance was met.
The recent blow against Ripple could be attributed to the recent dip in XRP prices. many now believe that the case could end up in a settlement.
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