XRP price is trading at $0.574, with daily gains of 0.26% and weekly losses of 4.08%.
The token’s price follows general market movements, although some events could be influencing its price:
The first of these comes after Judge Analisa Torres ruled that Ripple should pay a fine of $125 million, instead of the $2 billion requested by the SEC.
This fact was taken as a victory; however, There is still a possibility of appeal, which could be bearish for XRP.
Users are eagerly hoping that the SEC will not appeal the case and that the years-long battle between the agency and the crypto firm will finally come to an end. However, this does not seem so feasible considering the SEC’s insistence and obstinacy.
So for now the future of XRP is uncertain as the legal issues are yet to be resolved, which induces volatility in the price of XRP.
Although the conclusion of this case opens the possibility for a major legal breakthrough in the crypto ecosystem and, therefore, prominent figures show that XRP could experience significant price movements.
For example, some analysts believe that Ripple is still in its testing phase in banks and therefore has not been implemented on a small, medium, or large scale. So the ultimate victory could help banks overcome the beta phase.
XRP Chart Analysis: Important Levels
XRP price is moving in a parallel channel with a resistance level at $0.75 and support at $0.38. Everything else occurs within that range.
However, in recent weeks, after the price fell to $0.43 on August 5 and recovered previous levels three days later, the price began to trade sideways.
XRP has struggled to establish itself above $0.60, which is a key resistance level along with $0.66. However, before that, it must reclaim the level above the 20, 50, 100, and 200 EMAs or $0.5825 in the short term.
The next challenge for the bulls would be $0.70 and then $0.75 USD mentioned above, crossing which would mark the beginning of an uptrend (leaving the lateral channel we mentioned at the beginning).
As for the bearish outlook, There is a double bottom at 0.55 USDwhich would be the first support to consider. Over the past week, the price bounced several times from levels close to this range.
However, the loss of $0.546 could mark the end of the sideways movement of the last few days and lead XRP to seek support at levels such as $0.49 and $0.43.
The state of the EMAs shows the current neutral price trend, while the RSI at 46.5 similarly supports this neutral trend, as it indicates that the Cryptocurrency is neither overbought nor oversold.
Ripple tests its stablecoin RLUSD
Earlier this month, Ripple began testing its RLUSD stablecoin on XRP Ledgers and Ethereum. Precisely 185 tokens were minted on XRP Ledger and 200 RLUSD.
Both platforms were used to test the protocol’s interoperability along with its stability. Tokens were then burned as part of the testing process.
It is worth noting that these stablecoin tokens will be pegged 1:1 against the US dollar. It also enters a fairly competitive market already dominated by big players like Tether and Circle. However, the emergence of more players is beneficial for users of the crypto ecosystem.
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