XRP has failed to register any significant price change in the last 24 hours despite the crypto market’s positive sentiment. Nonetheless, the asset continues to show more volatility amidst the current trend.
The failure to surge is surprising as there are several fundamentals were expected to trigger it. One such is its progress in its case against the Security and Exchange Commission. The Ripple CEO today stated that he plans to resolve its lawsuit with the SEC out of court.
The announcement is a massive step toward resolving the long-standing issues with the regulators that have reduced investors’ trust in its native token.
The overall condition of the crypto market shifted dramatically with the increased likelihood of Donald Trump becoming the next US President. His pro-crypto stance has made him highly appealing within the crypto community, garnering substantial support from prominent crypto influencers and key figures.
The latest market surge is linked to another significant event affecting the upcoming November election. In recent weeks, Joe Biden’s chances of continuing his campaign as the Democrats candidate have dwindled due to health concerns and other issues.
Biden recently announced his withdrawal and endorsed his Vice President, Kamala Harris. With Biden out of the race, Donald Trump’s chances of returning to the White House have risen. As with previous significant events, the crypto market has responded positively, marked by green candles.
XRP 42% Surge
XRP’s price performance since the second week of July has shocked many traders. However, it has generated mixed reactions from the crypto community, as some are thrilled and others are indifferent. One reason for the indifference is that the asset has not shown much improvement when placed on a long-term scale.
One trader commented that if you invested $10,000 in XRP some years back, you’d get the same amount as the coin failed to surge for a long time, maintaining the same price level for an extended period.
Amidst the split in opinion among traders, the coin registered a staggering 42% increase in less than fourteen days. The climb to the current price started on July 8 as the asset recorded an almost 3% gain after hitting the brick wall and halting its bid on the $0.45 resistance.
The surge had several highlights that may repeat in the coming days. One such thing happened on July 13 when the cryptocurrency opened trading at $0.457 and broke $0.50 for the first in almost a month. The surge continued as it peaked at $0.56 but retraced to close at $0.52, gaining over 10%.
Another breakout happened on July 17, as the asset opened trading at $0.57 and shot past $0.60 for the first time in over three months. It peaked at $0.63 and ended the day with gains of almost 8%. However, it lost all accumulated profit the next day.
Price action following the almost 9% decline shows a slow recovery, and the current session is no different. The asset is printing a doji after hitting a high of $0.60 and a low of $0.57.
On-chain data points to uncertainty among investors. The deposit of the cryptocurrency under review is almost equal to the inflow and is growing at the same pace. Nonetheless, the withdrawals are slightly larger which may indicate more bullish traders.
However, exchange reserves are growing as more traders take profit, explaining the latest trend.
In the Coming Days
The July 18 decline resulted from the relative strength index surging above 70. The metric peaked at 78, indicating massive buying pressure. With the asset being overbought, the correction was needed.
The slow recovery shows the coin edging close to 70. It is at 66 and will break above the boundary in the next 48 hours if trading conditions improve. It could place price close to $0.65 before the corrections start.
