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As XRP’s price falls below the psychologically significant support level of $0.50, down from its June high of $0.56, crypto investors are starting to wonder whether purchasing this token might be a savvy decision as we approach July.
XRP Price Situation
XRP is currently trading at $0.4670, marking a 2.03% decline over the last 24 hours and an additional 4.56% drop over the week. Nevertheless, it has managed to maintain its market value at $24.6 billion.
Interestingly, recent data from Santiment indicates a rise in on-chain activities for XRP over the past week. Historically, such increases in transaction volume have been seen as precursors to a potential price rally for this altcoin.
Notably, this pattern was observed on three separate occasions recently, potentially lending more credibility to the likelihood of an XRP price rally in the near future.
XRP, showing slight bullish signs due to mild trader activity, has historically been more likely to gain value when compared to coins that move in a larger ratio of loss to profit.
XRP Analysis
Elsewhere, prominent crypto expert Michaël van de Poppe shared views centered on XRP surpassing the $0.4850 resistance level. The analyst suggested that breaching this level could potentially trigger long positions and pave the way for an upward wave.
Meanwhile, 1-day technical analysis (TA) indicators on the financial and crypto analysis platform suggest a bearish trend for this asset and recommend selling in 14 of their summaries; this is a result of oscillators sitting in a selling area at 2 and moving averages (MAs) showing strong sell at 12.
Amid Ripple‘s ongoing legal dispute with the U.S. Securities and Exchange Commission (SEC), XRP is caught in a constant struggle between bullish and bearish trends. The outcome of the lawsuit bears significant consequences for investors and market participants eagerly awaiting a potential solution that could shed light on XRP’s future trajectory.
In the absence of clarity, it can be expected that XRP’s price will remain subject to broader market trends and developments surrounding the Ripple v. SEC case. Particularly, Ripple CEO Brad Garlinghouse stated at the end of May that he expected Ripple’s long-standing legal battle with the SEC to conclude within weeks.
