XRP is making a major comeback on the daily trading chart. This is despite its legal woes with the US Securities and Exchange Commission (SEC).
The digital asset, which previously held the third spot on the crypto charts, is currently the sixth-largest cryptocurrency. With a market cap of roughly $34 billion, XRP is presently trading at $0.7180 after a 12.80% marginal gain in 24 hours. This might be a great time to buy XRP.
XRP Price Analysis
XRP’s current price indicates a bullish momentum on the trading chart. The XRP price action has seen a sharp reversal over the past few days. After retesting $0.51 support on July 21st, XRP started trading higher until it reached the $0.60 mark on July 23rd.
Since then, XRP’s price has continued its upward momentum and this could continue in the long run. If the bulls continue their relentless march, XRP would hit $0.731 in the coming days and continue past the $0.7400 resistance level.
On the other hand, in the event of a market downturn, the price may trade lower and retest previous major support of around $0.680. However, XRP’s market and buying support are currently strong; hence the uptrend shows strong signals of continuance.
Rapid Adoption of XRP
Ripple, the company behind the XRP cryptocurrency, has been making strategic moves lately. Ripple recently announced its first On-Demand Liquidity (ODL) service implementation in Japan. The service is aimed at providing faster, more affordable remittance options for customers.
The firm has been focused on driving more adoption of its crypto-enabled services in the Asia Pacific region. Ripple said its shareholder SBI Holdings had launched the ODL service through its money transfer provider arm SBI Remit.
This announcement comes amidst a major development in Ripple’s ongoing legal battle with the SEC. Judge Sarah Netburn recently ruled for the deposition of ex-SEC Director of Corporation Finance William Hinman according to Bloomberg.
The lawsuit has not stopped Ripple from going on with its activities. Earlier this month, 1 billion XRP tokens were withdrawn by the Ripple DLT from its escrow account. These releases of massive XRP amounts have been programmed to take place on the first day of each month.
Where to Buy XRP
If you want to buy XRP, you can create a cryptocurrency exchange account on eToro. Creating an account on eToro is quick and easy. Besides, eToro is ideal for new traders because it supports features such as copy trading and a demo trading account. eToro also supports various cryptocurrencies and trading pairs.
Looking to buy or trade XRP now? Invest at eToro!
67% of retail investor accounts lose money when trading CFDs with this provider