Ripple’s crypto currency XRP continues its wavy course at the $ 2.0 support level despite positive data and legal developments. Uncertainty and falling transaction volume throughout the market cause investors to move cautiously. Analysts emphasize that the permanence of the XRP price at this level may play an important role in determining the forward -looking direction. On the legal front, the request for the postponement of Ripple and SEC together gives hope about the course of the process.
The price is fighting in the $ 2 band
In the last 24 hours, the XRP recovered from the $ 1.9 level and approached the critical support point of $ 2.0 again. However, after this rise, the price could not provide support level. The decrease in the daily transaction volume of 51 percent shows that the market is in low volatility and that the purchase-sale decisions are postponed. This may cause short -term rise to be limited.
Although the formation of the heads and shoulders that attract attention in technical analyzes, the rise potential for XRP has the potential for the XRP, the breaking zone needs to be overcome clearly. If the price manages to hold above $ 2.0, the next target levels may be $ 2.2 and above. On the other hand, the risk of withdrawal to $ 1.20 in the event that the support level is broken down. This points to a process that should be careful for investors.
Confidence in the chain is increasing, the legal process is waiting
The increase in the number of addresses in the Ripple block chain is considered as an indicator of investor confidence. According to internal data, the number of addresses that hold at least one XRP reached 6.26 million. This figure reveals that the number of active users on the network is increasing and the interest in the Ripple ecosystem continues. Especially during the wavy market periods, such data can provide psychological support for investors.
On the other hand, there was a significant development in the ongoing legal struggle between Ripple and SEC. Both sides have filed a joint application to suspend the process of the XRP case. Following this development, the process is expected to be reconsidered in line with the court decision. Analysts say that such steps can feed upward expectations in the XRP price and positively affect investor sensitivity.
Some analysts, such as ecrag Crypto, refer to past market cycles, and think that the XRP may rise up to $ 30 in the long term. However, in order for this to happen, the price must first overcome the current resistance levels and achieve a permanent acceleration.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
