Ripple Commentary: Effects Of SEC Lawsuit Persist On XRP!
Ripple (XRP), one of the most talked about crypto currencies of recent times, has regressed to the 7th largest crypto currency in terms of market value, following the negative developments and loss of value. However, investors' hopes for XRP still seem to remain. Because although the price has dropped, XRP still has a market value of approximately $ 20 billion.
↪️Big Moves in XRP
After the United States Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, XRP has seen massive price movements. XRP first fell heavily in response to the lawsuit, and then the price recovered. Then there was a pump and dump in XRP with pressures from the Ripple community.
XRP price finally rose as high as $ 0.65 on February 22, and then fell to $ 0.36 on February 23. After the last big rise and fall, XRP price appears to be moving in a relatively stable line.
Let's take a look at the significant levels in XRP, which is traded at $ 0.44 as of the time of writing.
↪️Critical Levels in XRP
Bulls are currently trying to regain control in XRP , analysts say . For now, $ 0.50 is trading as a very important resistance, while the $ 0.47 resistance is thought to be broken before $ 0.50.
The latest move towards $ 0.47 faced a selling pressure, pushing the price back to the $ 0.44 band and it is thought that with the break of $ 0.47 the move towards psychological resistance of $ 0.50 will begin.
However, a downside move could begin with the break of the $ 0.44 support. Analysts say volatility is low in Ripple right now and the short-term outlook is bearish. Therefore, it is important in which direction the volatility will increase.
