Ripple has been trading slightly lower this week. Although it showed small rises from time to time, the token failed to make any tangible gains. After signs that Ripple’s ongoing litigation with the SEC may proceed behind closed doors, price fluctuations for XRP may not generally be relevant to the case.
XRP is trading at $0.613 on major crypto exchanges after a 1.9% drop in 24 hours.
XRP price analysis
XRP is still trading above the critical support level of $0.60. Going below this level may be a bad scenario for investors. Because this could trigger strong selling that could push the token price lower. However, short-term investors who want to buy during the decline can turn this momentum into an opportunity.
On the other hand, the value of XRP could catch an uptrend again and XRP could retest the $0.65 resistance. To reach this level, Ripple will need wider support from the cryptocurrency market. XRP’s strong bulls will only be visible once the value rises above $0.70.
The volatility of XRP can be called relatively low, as it does not show a large price fluctuation. Therefore, a significant drop may not be seen, making the token a safe buying opportunity at the moment.
On Thursday, the cryptocurrency market faced a loss of nearly $100 billion as BTC retested $33,000. This, in turn, caused a drop in XRP and other altcoins.
What will the future of Ripple (XRP) be like?
Ripple’s venture into NFTs after the partnership with Mintable last week could be good for the XRP token. Due to the rapid growth of the NFT space, Ripple can increase its value and stability if it manages to gain a foothold in this industry.
Ripplenet’s growth lays a solid foundation for Ripple in arguments against the SEC. Lawyer John E. Deaton noted that with more than 1,300 companies currently using this network, the SEC’s argument that “XRP lacks utility” is weakening.
Such positive developments in Ripple’s world could be good for Ripple price and stability in the coming days.