On Tuesday, the trading price of XRP experienced a surge as its value went to a higher level. The data shows that the trading price of XRP experienced a 2.84% surge in the past 24 hours.
The surge was able to reverse the plunge that XRP had experienced a day earlier. On Monday, the trading price of XRP experienced a 3.05% dip. After the dip, XRP’s price went down to $0.34861.
This was not the first time the trading price of XRP ended its day below the $0.35 level. A look at the price chart shows that it has been three consecutive days that the price of XRP has ended its trading day below $0.35.
Current Situation of XRP
The recent trading session for XRP started on a lower note as the price of the asset was at a low of $0.33621. As the price of XRP continued declining for the past two days, the general sentiments were bearish.
This meant that the investors were ready to see the trading price of XRP experience a downtrend. The technical analysis suggested that the price of XRP would continue falling and may reach to a lower level.
The data showed that the trading price of XRP would fall below the first major support, which is at $0.3297. As expected, the asset price did fall below the mentioned level but soon experienced a rally.
Initially, the bulls let the bears pull XRP’s price below the particular level but they soon realized that they had to do something about it. They started with their buying spree and were able to push XRP’s price higher.
They formed a strong rally and pushed XRP to a high of $0.35309. In the process, the bulls were able to push XRP over the first resistance level, which was at $0.3508.
Although it was expected that the bulls will be able to keep up with the selling pressure of the bears but it did not turn out that way.
The bears were able to increase the selling which allowed them to pull XRP down to $0.34861. Still, the bears were not able to pull it down to the first major support mark.
Developments in the Ripple-SEC Lawsuit
The latest developments from the Ripple-SEC lawsuit were promising for the Ripple community. Still, they were not able to help XRP much as the investors were not influenced by the news.
The XRP market did not witness much improvement and the situation is still bearish for the digital asset.
A couple of weeks back, both sides had submitted motions from their end. While the US SEC submitted a motion to be provided with more time on the matter, Ripple asked for a judgment summary.
Turns out, the judge has decided to look into the motion filed by Ripple, asking for all the proofs and documentation to be sealed. Now the decision falls in the hands of the judge.
There are very high speculations that Ripple will win the case against US SEC. If the victory comes to Ripple, then the price of XRP will definitely surge due to the confidence level of the investors rising in the asset.
Although the hopes are high, chances are that the judge may announce the decision after the New Year Holidays.
Therefore, the investors are not interested in any other news apart from the final decision on the Ripple-SEC case.
With no significant improvement in the trading price of XRP following the judge’s recent decision, it would be wise for the analysts to write off the particular factor.
They will need to come up with predictions without taking the lawsuit factor into consideration. Until that happens, the trading price of XRP may not surge.
The data shows that the trading price of XRP is currently sitting at $0.34859. The price has moved downwards after hitting a high trading price of $0.35020.