XRP Price Rebounds, Up 6% In 24 Hours, After Suffering Major Hiccup

Christian Encila

1 year ago

3 mins read

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XRP price shoots 6% over the past 24 hours despite suffering a slump of 28% on April 16. The crypto was able to bounce back on May 1 and get stronger by the day with a surge of 12%.

XRP is set on its road to recovery in the coming weeks.

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 XRP’s expected jump would be at 30% in Q2 this year. (Image credit: Dreamstime.com)

Ripple (XRP) – Pioneering The Crypto Scene

XRP was one of the frontrunners of the early crypto market alongside Bitcoin and Ethereum. It is was one of the pioneers of the early cryptocurrency market, which experienced massive price hikes in early 2017.

Recently, the crypto together with all other cryptocurrencies has been experiencing turmoil and stunted growth because of political, environmental, and regulatory issues.

The decline was expected but it’s not a happy state as it is for crypto traders all over the globe. However, unlike others, XRP seems to be recovering and gaining momentum.

Ripple-SEC Legal Battle

XRP is currently trading at $0.61 after experiencing intraday highs of $0.63. Its bullish comeback seems to have been triggered by favorable investor and technical sentiment in spite of setbacks from a lawsuit by the U.S. Securities and Exchange Commission.

Ripple was sued by the SEC for selling securities illegally using XRP. Nevertheless, Ripple seems to be winning in market capitalization from this legal battle.

The Relative Strength Index (RSI) on XRP seems to have come to a maximum point considered as oversold which signals that the heavy selling activity seems to have drained itself dry. With that scenario, investors would normally turn to other entry-point buying opportunities.

XRP total market cap at $29.76 billion on the daily chart | Source: TradingView.com

RSI measures current fluctuations or movements in market price to determine whether a specific coin or asset is oversold or overbought.

The technical analysis indicator of RSI with a reading below 30 would mean that the asset is oversold. Investors seem unfazed even with the SEC lawsuit going on.

Momentum Despite Legal Brawl

Ripple operates in the perspective that it has already lost the legal battle because it has been dragging for quite some time now. Nevertheless, Ripple is unbothered.

Instead, the company is confident that they are set for a breakthrough in growth especially outside of the United States. XRP’s expected jump shot would be at 30% in the second quarter this year.

The current buying sentiment climbed to $0.58 which provided solid support in January this year, pushing XRP to go above 50%. XRP/USD tandem on the daily price charts now provides strong support around the $0.58 level.

It signals a lower trendline with the pattern of a descending triangle that is getting bearish going for $0.18 in the next couple of months.

Overall, XRP seems to have benefited from the ongoing legal tussle with SEC. In turn, XRP has become a speculative asset for traders.

Featured image from VOI, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.