Ripple XRP was in the red most of this past week. It traded around $0.50. XRP is still in a bearish hold despite its increased social media popularity. This hype is continuing to grow, so holders remain optimistic about the future of the coin.
Ripple’s new stablecoin has been deemed eligible for regulation by the US Securities and Exchange Commission. “unregistered crypto asset.” XRP did not rise or drop much in response to this news. Investors began to gather after a small drop in the price. The Ripple token’s trading volume increased towards the end the week. Currently. XRP TV was up by 4% during the last 24 hour period.
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Ripple’s XRP set to fall further next week?
Indicators suggest that XRP’s bearish trend will continue, and this could lead to a price drop. In the last week, the token’s Chaikin money flow (CMF), a measure of its Chaikin money flows, registered a substantial drop. Moreover, the Relative Strength Index moved downward, indicating a pending slump. The indicators indicate that XRP could continue to fall. This would mean that the token could fall as low as its $0.50 support level or even lower, as low as $0.46.
The Network Growth is another factor which is not helping XRP. XRP Network Growth has been declining for the past thirty days. The number of addresses created for the transfer of tokens in April was lower than that recorded in March. It is paradoxical that XRP’s popularity and the SEC case are increasing.
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Ripple’s XRP has a fragile foundation and the fear is that it will fall further. Positive rulings in cases against the SEC or SEC vs. Binance could help the asset move in the right direction. It may be some time before these results are seen. Hence the bears might hold the token tight for a while longer.
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Source: watcher.guru