XRP price has failed at $1.0000 for the third time in as many days. Does this mean the rally has stalled or will Ripple finally break higher?
In line with much of the altcoin market, the XRP price around -70% of its value between the 18th and 23rd of May.
The last 2 days have seen some confidence returning to the cryptocurrency market. From Monday’s low of $0.6460, XRP has staged a +50% recovery to the current 0.9733. Despite the recent bounce, it would need to add another 100% to equal the $1.9640 high of April 12th.
Tuesday’s rally took the XRP price back above $1.0000, topping pout at $1.0620. A dip to $0.90000 came next, followed by yesterday’s rally to $1.0818.
XRP again failed the hold the psychological big figure and is currently rudderless at $0.9744.
Appearing on CNBC yesterday, Ripple Labs CEO Brad Garlinghouse expressed his frustration regarding the unclear regulatory situation in the U.S.
The SEC argues that XRP should be classified as a security. In comparison, Ripple labs see the coin as a digital currency akin to Bitcoin.
The XRP price has suffered at the hands of the ongoing uncertainty and has struggled to live up to its early hype. Without a resolution sometime soon, investors are likely to remain underweight in XRP compared to its peers.
XRP Price Outlook
Although the price is struggling to break on the upside, it’s also holding well on the recent dips. This has created an ascending trend line on the 2-hour time frame.
Currently, the support is seen at today’s low of $0.9350. As long as this level holds, it is likely that the XRP price will take another look towards $1.0500.
If the price can manage to break this level, there is a possibility it can extend towards $1.2000. However, this would also depend on the strength of Bitcoin and Ethereum.
If the price breaks down through Tuesday’s low at $0.8800, it would suggest the bounce has failed and would likely lead to further losses.
As long as the SEC case drags on, XRP will be led by the sentiment of the broader cryptocurrency market and at the mercy of the larger assets.