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COINTURK NEWS > Ripple (XRP) > Navigate the Ripple Waves: XRP Fights to Maintain Key Support Level
Ripple (XRP)

Navigate the Ripple Waves: XRP Fights to Maintain Key Support Level

In Brief

  • XRP remains volatile around the critical $2 support level.

  • Investor confidence is reflected in the growing number of XRP addresses.

  • Legal developments could positively impact XRP's price and investor sentiment.

İlayda Peker
İlayda Peker 1 month ago
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Ripple’s cryptocurrency, XRP, continues to show volatility as it hovers around the crucial support level of $2.0, despite positive on-chain data and legal developments. The overall market uncertainty and declining trading volume have led to cautious behavior among traders. The persistence of XRP’s price at this level is seen as having significant implications for future directional movement. On the legal front, the joint motion for a delay filed by Ripple $0.006727 and the SEC offers some hope regarding the process.

Contents
Price Struggles Within the $2 RangeOn-Chain Confidence Grows, Legal Proceedings Await

Price Struggles Within the $2 Range

XRP rebounded from $1.9 within the last 24 hours, inching close to the critical support point of $2.0. However, after this rise, the price failed to establish lasting support at this level. A notable 51% drop in daily trading volume indicates that the market is experiencing low volatility, causing traders to postpone their buying and selling decisions. This situation may lead to limited short-term gains.

The head and shoulders formation highlighted in technical analyses suggests that XRP has upward potential, but it requires a clear break above the breakout zone. If the price manages to hold above $2.0, analysts project potential target levels of $2.2 and beyond. Conversely, a downward breach of the support level raises the risk of a pullback to $1.20, signaling a cautious period for traders.

On-Chain Confidence Grows, Legal Proceedings Await

The increase in the number of addresses on the Ripple blockchain is perceived as a sign of growing investor confidence. According to on-chain data, the number of addresses holding at least one XRP has reached 6.26 million. This figure indicates a rise in active users on the network and ongoing interest in the Ripple ecosystem. Particularly during volatile market periods, such data can provide psychological support to investors.

Additionally, a significant development has occurred in the ongoing legal battle between Ripple and the SEC. Both parties filed a joint request to pause the proceedings related to the XRP case. Following this development, the process is expected to be reassessed according to the court’s ruling. Analysts believe such moves could nurture positive expectations for XRP’s price and enhance investor sentiment.

Some analysts, such as EGRAG Crypto, refer to past market cycles to suggest that XRP could reach levels as high as $30 in the long run. However, for this to materialize, the price must first break through existing resistance levels and gain lasting momentum.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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İlayda Peker 11 April, 2025 - 12:09 pm 11 April, 2025 - 12:09 pm
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