Ripple’s XRP has been one of the cryptocurrencies that managed to maintain relative stability during the ongoing market turbulence.
In fact, for the past 24 hours, it has added 0.62% to its price and remains trapped in a relatively tight range at around $0.48.Data from CoinMarketCap reveals that, at the time of this writing, the XRP trading volume has increased by a whopping 100% for the past 24 hours. Coupled with the relative stability in XRP’s price, this builds on the conclusion that the current trading range for the cryptocurrency is crucial and likely to lead to a considerable move.
A detailed examination of the daily chart reveals that Ripple has been consolidating between the substantial support of $0.47 and the crucial resistance of $0.55, with the price forming a sideways triangle pattern.The outcome will determine whether or not XRP will be classified as a security in the eyes of regulators, which is likely an important consideration for both new and existing investors.
The lawsuit is currently in its trial phase and it doesn’t seem like it will be ending any time soon, meaning that volatility is likely to elude the XRP market until that happens.Best AI Crypto Coins in 2024: Top 9 Projects to WatchOne Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments.
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