The Ripple XRP price has been in the headlines this year since it visited the U.S. Securities and Exchange Commission (SEC) regarding its XRP logo. According to the SEC, XRP is a security and not a brand like Bitcoin and ethereum. When the case was filed in December last year, the XRP dropped to about $ 0.20. However, the coin has shown a major recovery this year.
XRP traded at $ 0.86 at the time of writing and has shown stability in this position. However, for the XRP to get its uptrend, it needs to maintain an uptrend of more than $ 1.00.
Ripple price analysis
Looking at the chart above, it is clear that XRP has shifted towards the bear market. The technical chart above shows that the coin is moving from an emerging market, as the MACD illustrates. The RSI has also moved slightly towards the overbought territory, indicating that buyers are buying from the dip with speculation about a price increase.
Bollinger Bands will remain narrow, but they could grow if the bull market materializes. The increase in spectrum indicates that the volatility of XRP has increased in the short term. Most of the indicators show a sales signal for the symbol, which describes the downward trend. The bear trend is expected to last only in the short term.
XRP’s price analysis also shows that the coin faces resistance at the $ 0.88 level, but is expected to move above the $ 0.87 mark. However, it can still drop to $ 0.85 to retest the support.
The lawsuit is still hanging over XRP – there are rising signs to buy
One of the biggest factors challenging XRP’s future price is the SEC lawsuit against Ripple. both sides have filed performances back and forth, although Ripple has still shown his promise to win the case. On June 1, Ripple won a proposal that prevented the SEC from gaining access to the company’s legal communications. The news led to a 15% increase in the logo.
The case does not appear to show any signs of closing soon, and developments have caused XRP price fluctuations. On June 10, the SEC triggered a crypto counterattack on Twitter by issuing a “pathetic answer” Ripplen sur-answer. Ripple had responded to the SEC, arguing that the details that led to the case were not diligent.
– James K.Filan (@FilanLaw) June 10, 2021
If the case ever ends (which it needs to), it could be a big win for XRP. Based on the progress made so far, Ripple has a priority in winning the case, which could drive XRP into the extreme bull market.
Where to buy XRP
To purchase XRP, you must open an account on the cryptocurrency exchange platform. One of the best coin-supporting exchanges is:
eToro is one of the safest and most reliable exchanges in XRP trading. Those who want to start on the platform must open an account for free using their official information. Unlike most exchanges, eToro makes it easy for a beginner to trade with XRP through a copy trade. With this feature, those who do not have market information get insights from traders.
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