Even though XRP has recently made it to the top of the list of the biggest ‘losers’ among the top 100 cryptocurrencies by market capitalization in terms of its 24-hour price losses, it still remains one of the strongest altcoins in the crypto sector, with a chance of hitting $0.8 in the near future.
Indeed, if the XRP token could break through the supply zone between $0.53 and $0.6, the next area to target is possibly as high as $0.8, according to the observations and chart patterns that pseudonymous crypto analyst Altcoin Sherpa shared in a tweet on June 13.
XRP price analysis
Meanwhile, XRP was at press time still trading at $0.51, below the critical supply zone between $0.53 and $0.6, demonstrating a decline of 5.23% on the day and losing 3.69% across the week but gaining 19.50% over the last month, according to the data retrieved by Finbold on June 14.
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As it happens, its recent declines, both in terms of price and market cap, have landed XRP on the top of the biggest ‘losers’ among the top 100 crypto assets, despite the token earlier soaring above the critical $0.55 level and adding over $2 billion to its market cap in less than a day.
Having said that, the crypto asset’s previous price action proves that it has enough strength for a bullish run, particularly as the legal team of blockchain company Ripple scores meaningful wins in the case against the United States Securities and Exchange Commission (SEC).
If the legal battle concludes in Ripple’s favor, the token at the center of it could react with a massive increase, and the odds have turned more in the crypto firm’s direction with the release of the files indicating that the SEC knew the speech of its then-division director would cause confusion in the markets and still continued to insist on a policy of regulation by enforcement.
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