Ripple’s XRP has been having some turbulences in the past month, and despite some gains, the token has failed to recover its all-time high achieved in May. Moreover, Ripple’s case with the US Securities and Exchange Commission (SEC) has prolonged for far too long than expected, hence the failure of Ripple to recover soon as expected.
XRP is trading at $0.604 at the time of writing after a 1.3% dip in 24 hours.
XRP Price Analysis
XRP is currently experiencing slight bears, despite the market volatility being relatively low. Currently, XRP is trading at around $0.60 support levels, which means that the direction in which the price fluctuates will significantly affect the price.
If the market support lacks and a pullback is experienced, XRP will settle for around $0.58 as the lower support level. Going lower than this level might lead to Ripple settling for around $0.50. Here, investors might buy XRP during the dip; hence prices might consolidate at around $0.55.
On the other hand, Ripple might also gain an upswing that might lead to a breakout past $0.62. If bulls are strong enough at this level, then XRP gains might progress beyond $0.65. Reaching $1 for XRP at the moment will depend on gains made from the broader cryptocurrency market.
Ripple’s case with the SEC seems to going in favour of Ripple. Yesterday, Ripple received the green light to depose former Ripple executive William Hinman. According to judge Sarah Netburn, Ripple’s lawsuit “ involves significant policy decisions in our markets, the amount in controversy is substantial and the public’s interest, in this case, is significant.” Hinman will be a breakthrough witness for Ripple, and it might help in XRP’s recovery beyond $1.
Ripple’s network is also obtaining increased use cases. Siam Commercial Bank (SCB), one of the leading private banks in Southeast Asia, gained a license to operate together with RippleNet digital payments processor.
Siam Commercial Bank Infomercial!
SCB EASY app Money Transfer with Ripplenet. “Bank of Thailand authorized the service to leave the sandbox…so you can be confident.”
— CryptoEri 120K+ Followers (beware of imposters) (@sentosumosaba) July 15, 2021
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