Is It a Good Time to Buy XRP?

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XRP is trading at an attractive price after its April peak correction. Although cryptocurrency is still one of the largest in terms of market capitalization, is it a good time to buy it?

XRP was issued by San Francisco-based Ripple and the sign is RippleNet’s native digital currency, meaning it has significant real-world usage. Ripple’s partnership with major banks around the world for blockchain-based transfer payments increases the future use of XRP.

But XRP remains one of the most controversial cryptocurrencies. Many crypto enthusiasts criticized the token of early days because of its centralized structure and Ripple controlled the supply of XRP. However, the biggest blow to XRP came when the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the company claiming XRP is unregistered security, and Ripple illegally lifted it by its sale.

XRP Bulls

That followed the cancellation of the cryptocurrency of several U.S. cryptocurrencies exchanges, and the XRP token dropped about $ 0.13.

But things turned around as Ripple found support in Asia. Cryptic whales jumped to buy the dip and pumped prices aggressively, and along with the positive sentiment around the overall crypto market, XRP prices broke the $ 1.83 mark within a month.

“The SEC processing Ripple simply delays the inevitable that XRP gets regulatory clarity and is considered: NOT security. What makes this headline, however, scare retail investors from selling and scare new investors into buying XRP,” CryptoClear Founder Johnny McCamley earlier said Financial Tycoons.

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What’s going on?

However, the continued correction of the cryptocurrency market has again lowered the XRP prices. The sign is trading at $ 0.62, according to press time, which is more than 66 percent lower than its peak reached in April.

From a technical standpoint, demand for XRP remains better than other cryptocurrencies. Ripple earlier reported that demand for XRP grew in the first quarter of 2021. The company’s total XRP sales reached $ 150.34 million in the first quarter of 2021, a jump of about 97% compared to Q4 of 2020.

“XRP is currently trending horizontally around $ 0.62, which is a sharp drop for April 15th when it nearly reached $ 2. As it stands, things look pretty bleak as Ripple has met continuous resistance at the 20-day SMA. a rejection could possibly lead XRP to the $ 0.55 support wall, ”said Gate.io CMO, Marie Tatibouet. “My suggestion would be to wait to see if XRP opens a candlestick over the 20-day SMA or not.”

2021 07 13 17 25 03 XRP price today XRP live marketcap chart and info CoinMarketCap
XRP Price Levels, Source: Coinmarketcap.com

In addition, whales have accelerated their activities with XRP. Financial Tycoons recently reported that numerous crypto whales transfer millions of dollars in XRP from cryptocurrency exchanges.

XRP currently has a total market cap of more than $ 28.6 billion and is the sixth largest digital currency, according to Coinmarketcap.com.

Meanwhile, the ongoing lawsuits against Ripple can make or break XRP prices. “Soon, I expect XRP to continue to trend around the levels it now has,” Tatibouet added. “In the long run, assuming a favorable outcome in the SEC process, XRP could at least go up to $ 2, and then it could jump to $ 5 and reach new all-time highs.”



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