Altcoins are currently not mimicking BTC’s trend as they have done in the past. Bitcoin has managed to almost touch $50K for the first time since the market dipped in May. However, these gains have not been reflected in the broader market, given that most altcoins are either consolidating or trading in the red zone.
Ripple’s XRP is trading at $1.24 at the time of writing after a 1.4% dip in 24 hours.
XRP Price Analysis
XRP has gained by more than 100% in the past month. This has led to the altcoin breaking past major resistance levels, given that the bullish sentiment of the past month has enabled the coin to break past $1 eventually.
The uptrend could resume, given that market support surrounding XRP is currently strong. If buyers step in to purchase at this level, we could see XRP going towards the next resistance level of $1.28. despite the current dip, XRP is still trading at a higher level than what the coin was trading at in the past month. Hence, even with the current dip, bulls are still strong.
The current dip in XRP prices could also continue for the short term, especially if buyers do not jump in to save the situation. If this dip continues, XRP could retest the lower support of $1.22. This is also another critical level for the coin because if it drops to these levels, it could create trigger selloffs or prompt buying support from traders left during the current bull run.
After months of Ripple’s case with the Securities and Exchange Commission (SEC), the last few weeks have not been too good for Ripple. After William Hinman’s deposition, Ripple filed a motion to seal the contents of the deposition.
However, some crypto community members are accusing Ripple of trying to save face with the motion, as they could not uncover anything from the deposition. Besides, the SEC is also objecting to sealing some parts of the deposition, showing that Ripple failed to make a case with what Hinman said in the deposition.
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