Price Analysis

XRP Price Faces Rejection, is This The Start of the XRP Price Rally?

XRP Price is attempting to recoup losses as it struggles near the psychological level of $1.00, and if it closes above $1.00, we should expect a good short-term recovery. At the time of writing, the XRP cryptocurrency is trading at $0.96. Based on the trend, the price is anticipated to rebound to $1.7, and this will be sustained if there is no dramatic shift in trading attitude.

Ripple Labs has filed a move to compel the Securities and Exchange Commission to give over internal records related to cryptocurrencies BTC, ETH, and Ripple’s XRP, in the never-ending legal battle between the SEC and Ripple. In the current SEC vs Ripple hearings, the court’s decision to deny the SEC access to Ripple’s legal notes had a favorable impact on the market.

As of the past 7 days, the on-demand liquidity has been increasing for XRP. In the last seven days, there were 6.5k transactions, in which 3.2 Million XRP was moved on the network, worth a total of $3.2 Million USD.

The graph below shows the monthly number of new XRP accounts. Following a peak on May 21, the number has declined significantly, reaching the 2020 level.

As of yesterday the total number of XRP accounts created was 2590 and the number of transactions that took place were 798870.

Price Predictions for XRP Ahead:

On Monday, Ripple’s XRP fell 8.77 percent. Ripple’s XRP concluded the day at $0.86301, reversing a 2.55 percent gain from Sunday. XRP had a bullish start to the day, rallying to an intraday high of $0.97494 before facing a rejection. This downswing is expected to continue until it retests $0.875, which is the midpoint of the range that runs from $0.745 to $1.10.The Support levels being $0.78 and $0.65 and the Resistance levels being $1.10 and $1.28.Β 

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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