XRP Stages A Comeback: Aims To Reclaim $0.50 After Recent Plunge

Name	Symbol	Market	Market Cap ($)	Algorithm
Ripple	XRPUSD	Crypto	31,627,619,545	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ripple

XRPUSD

Crypto

31,627,619,545

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.0441	-7.05%	0.5812	0.5812	0.5813

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.0441

-7.05%

0.5812

0.5813

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.637	0.5777	0.6292	0.6252	0.382490 - 0.852600

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.637

0.5777

0.6292

0.6252

0.382490 - 0.852600

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	08:39:38	298.59	0.5812	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

08:39:38

298.59

0.5812

USD

Price x Volume	Volume	Base Symbol	Related Pairs
48,550,020.99	80,204,822.17	XRP	XRPEUR	XRPGBP	XRPBTC

Price x Volume

Volume

Base Symbol

Related Pairs

48,550,020.99

80,204,822.17

XRP Stages A Comeback: Aims To Reclaim $0.50 After Recent Plunge

07/07/2024 4:00pm

NEWSBTC

The XRP community is abuzz with excitement after a whale, a major investor, acquired a hefty 30 million XRP tokens. This significant purchase coincided with a price uptick for the altcoin, which clawed its way back from a recent slump. While some analysts see this whale activity as a bullish signal and predict a surge towards $0.50, others urge caution due to the ongoing SEC lawsuit against Ripple Labs. Related Reading: Bear Market Bites: Chainlink Loses 10%, Further Downturn To $6.80 Feared A Shot In The Arm For XRP The 30 million purchase, valued at roughly $12.7 million, sent a wave of optimism through the XRP market. This large-scale accumulation aligned with the crypto asset’s recent price rise, suggesting a potential correlation. The token defied the broader market downturn in early July, which dragged it down to its lowest point since March 2023. This resilience, coupled with the whale activity, has fueled speculation about a brighter future for XRP. Prominent Advocate Joins The Fray Adding fuel to the fire, Bill Morgan, a well-known XRP advocate, recently upped his holdings by purchasing additional tokens at over $0.40. He hinted at further acquisitions if the price dips to $0.375, a move that instilled confidence within the altcoin community. Technically, the Relative Strength Index (RSI) for XRP currently sits in overbought territory, suggesting a potential continuation of the bullish trend. … But Dark Clouds Remain On The Horizon Despite the recent positive developments, significant challenges cloud XRP’s future. The ongoing lawsuit filed by the Securities and Exchange Commission (SEC) against Ripple Labs remains a major hurdle. The SEC alleges that Ripple sold XRP as an unregistered security. This legal battle has cast a shadow over XRP’s adoption by financial institutions and could hinder its overall growth. Is This A Turning Point, Or A Temporary Blip? While the whale activity and renewed optimism are positive signs, analysts remain divided on XRP’s future trajectory. The bullish sentiment hinges on the SEC lawsuit reaching a favorable resolution for Ripple. If the SEC prevails, it could significantly impact XRP’s usability and value. Additionally, the broader cryptocurrency market remains volatile, and unforeseen events could trigger price drops. Related Reading: Is Dogwifhat (WIF) Down For The Count? Price Tanks 15% On Whale Exodus A Calculated Risk The recent developments surrounding XRP present a complex scenario for investors. The potential for a price surge due to whale activity and bullish sentiment is enticing. However, the uncertainty surrounding the SEC lawsuit necessitates a cautious approach. Featured image from Pexels, chart from TradingView

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XRPUSD Ripple