Ripple (XRP) is being discussed once again as investors examine the coin’s future trajectory. Like any other, XRP has also faced its share of pressure due to the uncertainty looming in the market. At press time, the token is trading at $3.01 (0.66%) with a volume of $5.84 billion. The coin also has a market cap of $179.83 billion.
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An important detail contributing to the altcoin’s unsettled future is its entanglement with the U.S. Securities and Exchange Commission (SEC). Even though Ripple Labs gained partial victories in court over the past two years, the case is not yet over. Traders remain cautious, as a final decision on this matter can either help the token boost its performance or cause a dip in it.
“Until we see clear regulatory resolution, especially in the U.S., it’s difficult to expect a full-scale rally,” said Rachel Lin, a blockchain analyst. “Clarity is key for institutional adoption,” he added. Between regulatory issues, inflation fears, and macroeconomic events, the altcoin is also facing its share of pressure from volatility.
The cryptocurrency analyst Ali Martinez has provided a chart for the coin about a possible bullish scenario.
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The Technical indicators given by Trading View charts show the coin experiencing resistance (yellow) at $3.0615 and can go up to $3.1000 if the value rises. The support line (blue) is at $2.9694 and can dip into $2.9000 if it goes down further than that.
The Moving Average indicator shows a bearish momentum since the MA lines are above the candlesticks. The Moving Average Convergence Divergence indicator also shows a bearish momentum since the Signal Line (orange) is above the MACD line (blue).
XRP’s price value in the coming months will mostly depend on the clarity in regulation, macroeconomic developments, and network events. It may remain strong in the cryptocurrency space with its fundamental strengths.
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