As the price of XRP undergoes a downward trend, descending from its previous height of $0.56 in June and breaching the psychologically significant $0.50 support level, crypto traders find themselves pondering whether acquiring the token would be a wise decision as we approach the month of July.
Currently, XRP is being traded at $0.4726, reflecting a 2.03% decline within the past 24 hours and an additional 4.56% decrease over the week, bringing its market capitalization to $24.6 billion.
Interestingly, recent data from Santiment reveals a surge in on-chain activity for XRP during the past week. Such spikes in transaction volume have historically served as indicators of an impending price rally for this altcoin. Remarkably, this pattern has been observed on three separate occasions recently, lending more credibility to the potential emergence of a rally in the price of XRP in the near future.
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“XRP is showing a slight bullish sign due to mild trader capitulation. Historically, coins moving at a greater ratio at a loss compared to profit have a higher likelihood of rising in value,” the platform noted.
XRP price dynamics
Elsewhere, leading crypto expert Michaël van de Poppe provided insights focused on XRP breaking above the $0.4850 resistance level. The analyst suggested that flipping this level could trigger potential longs and pave the way for a bullish surge.
Meanwhile, the 1-day technical analysis (TA) gauges over at the finance and crypto analytics platform TradingView are bearish on this asset, suggesting a ‘sell’ at 14 on their summary, which is the result of oscillators standing in the ‘sell’ zone at 2 and moving averages (MA) showing a ‘strong sell’ at 12.
Amidst Ripple’s ongoing legal dispute with the US Securities and Exchange Commission (SEC), XRP is entangled in a constant struggle between bullish and bearish sentiments. The lawsuit’s outcome holds significant implications for investors and market participants who eagerly await a potential resolution that could shed light on XRP’s future trajectory.
In the absence of clarity, the price of XRP is expected to remain subject to the influence of broader market trends and the developments surrounding the Ripple v. SEC case. Notably, at the end of May, Ripple CEO Brad Garlinghouse said he expects Ripple’s prolonged legal battle against the SEC to be over in weeks.
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