California, USA – XRP trades at $1.15 in the past 24 hours. Analysts state it could’ve done better with its development this year. Moreover, the ongoing case of Ripple and SEC holds the price for BITSTAMP:XRP/USD.
The trading price of XRP is at $1.15, but many experts think the price should’ve done better since Ripple has been busy with the company’s development through a new partnership. The reason why it’s not performing well enough is because of the legal battle that the company faces with SEC or Securities and Exchange Commission. This case lacked ample coverage from the media regarding the development of the project of the company.
Another reason why XRP didn’t perform well is because of the ongoing sales of Jed McCaleb. He’s been selling his XRP coins, which affects the performance of the crypto in the market. McCaleb was the previous CTO of Ripple, and he got $20 billion worth of XRP.
According to an analysis of an expert, if XRP is trading at around $1.15, the bears appear to push the price down until it reaches the support line at 1.09812. This first scenario was when bulls win the fight against the bears to push the price up. It’s able to push the price up, and it lies at the resistance level of 1.23804.
The second scenario of the analysis is when the bulls take control over the market. The price will move to the resistance level, which is at $1.23804. This part is where the bears test bulls’ power, and they will take over the market to let it go down to the support zone between 1.00484 and 0.95820.
The technical indicators display that the market is under the 5 and 10 EMA under the Bearish short-term movement. However, it moves over the 20, 50, 100, and 200 MA and EMA. The RSI or Relative Strength Index is at 55.84, which gives us a purchasing signal, and it might go further into the overbought zone.
On another note, Ripple announced its plan to include a small contract option to XRPL.