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While the wave of decline that shook the cryptocurrency market continues to be felt, Ripple‘s XRP seems to be showing signs of recovery, standing out from other altcoins. In the last 24-hour period, when most altcoins lost more than 5 percent, the popular altcoin is priced above $ 0.42 with a gain of nearly 1 percent.
Bulls Continue to Defend $0.42
Among the top 10 cryptocurrencies by market capitalization, XRP stands out as the only cryptocurrency that has increased its value in the last 24 hours. Although XRP is still trading with significant depreciation, it gives hope to its investors by giving a strong image.
With the recent decline seen across the cryptocurrency market, the XRP price fell below the most important temporary support level at $0.420. Technically, the most important task for XRP bulls at the moment is to keep the price above this level. So far, it seems that the bulls have done so and managed to keep the price of Ripple’s XRP above the $0.42 level.
Although XRP has been one of the most volatile altcoins in recent times, it has a dedicated community that can help it reach important milestones, and market observers believe that this community will do what it takes to keep the price above critical levels.
XRP Continues to Thrive Despite All the Troubles
XRP remains a target, at the center of a legal battle between blockchain payments company Ripple Labs and the United States Securities and Exchange Commission (SEC). While the case has come to an end and the court is now expected to make a ruling, the implications of the case continue to hamper XRP’s growth.
Despite the apparent negative fundamentals, with a defined projection of steady buying activity for XRP, activity appears to continue to flourish, which has proven to be true with the recent price increase. XRP has also been the subject of much controversy over its alleged securitization, the impact of which has been relatively limited due to its role as a means of payment.
