While Bitcoin (BTC) is leading a broader crypto market recovery, Ripple Labs-backed XRP is finding it hard to regain its bullish momentum. The large-cap altcoin, valued at around $53.7 billion with an average daily trading volume of $1.5 billion, has been repeatedly testing the support range between $0.52 and $0.54 for the past two weeks.
By now, it is safe to say that a major group of the XRP community has grown wary after the US SEC filed a notice of appeal to the Second Circuit Court of Appeals on Judge Analisa Torres’ ruling.
Although the Ripple case’s conclusion brought initial optimism—with Ripple facing a $125 million fine—many expected a quick bullish breakout or even a potential parabolic move. However, that surge hasn’t come, leaving sentiment cautious.
With more appealing investment options, such as meme coins, the road to recovery for XRP remains challenging. Investors seeking to diversify their holdings could continue to place downward pressure on the altcoin in the near term.
Despite the uncertainties, Singapore-based Bitrue exchange has stood by Ripple and its products. The exchange has noted renewed interest in XRP from whale investors over the past few days, with Bitrue analysts expressing confidence in XRP’s long-term outlook.
The future of XRP could be significantly affected by the 2024 U.S. presidential election. Many crypto investors are rallying behind Republican candidate Donald Trump, hoping that a win would lead to the replacement of current SEC Chair Gary Gensler and the introduction of clearer, more favorable regulations for the crypto market.
From a technical standpoint, XRP has faced stiff resistance around the $0.66 mark since November last year. The recent pullback has lowered hopes for a near-term breakout, raising concerns that XRP could be stuck among “zombie” altcoins—those with little price movement or development.
If the downward trend persists, XRP might find solid support at around $0.42, potentially offering a foundation for future recovery.
Is XRP a buy or a sell right now? Let us know your opinion.
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