The crypto market has been low since the beginning of the month. Short-term traders have been looking into coins that show slight price actions. Currently, XRP is among the few coins in the top 10 list, trading in the green zone during the past 24 hours. Nevertheless, it is yet to reclaim its top positions by market capitalization, as it is the eighth-largest cryptocurrency by this metric.
XRP is trading at $0.88 at the time of writing after a 6.1% gain in 24 hours.
XRP price analysis
XRP is one of the top gainers in the crypto market. Following these gains, the altcoin has managed to test the upper resistance levels at above $0.90, and the slight dips from these levels could be attributed to the recession across the broader market.
The bullish gains will only persist if there is enough buying pressure. In this case, XRP could make an uptrend towards $0.90 again. If the coin can breakout past the critical $0.92 resistance, it could be for major gains by setting the next target at $1.
On the downside, the market is yet to fully recover, and most buyers have exited the market. Therefore, the current buying pressure might not be enough for XRP to hold its gains. In case of further dips, $0.85 will act as the next resistance level. Moreover, the bearish trend in the market could push the coin down towards $0.82.
The main strength of XRP comes from the potential of Ripple’s blockchain and its adoption in the payments infrastructure. Recently, the Senior Product Director at Ripple, Craig Dewitt, was appointed as the new vice-chair of the US Faster Payments Council. DeWitt will guide this council on research regarding central bank digital currencies (CBDCs) and the involved technologies.
Ripple has previously claimed that its network could be the bridge to CBDCs. The FPC is one of the leading fintech organizations in the US that involves notable players in the financial market, such as BNY Mellon. DeWitt’s appointment also comes despite Ripple’s ongoing case with the US Securities and Exchange Commission (SEC). The case is now almost a year old, with no clear indications of whether Ripple with settle with the SEC.
Where to buy XRP
To buy XRP during the current gains, you can open a crypto exchange account on a reputable platform such as eToro. eToro is one of the largest exchanges, and it supports a broad range of cryptocurrencies. eToro has a user-friendly interface that makes trading easy for a beginner. One of its unique features is copy trading, which allows a new trader to copy the strategies used by expert traders.
Your capital is at risk.
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