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XRP is currently on a bearish slide to conform with the broader market trend after dropping by more than 1.2% in the past 24 hours to $0.4986. While XRP bears appear to be in charge at the moment, the digital currency is not losing sight of its core goal, which is to retest the psychologically important resistance level at $1.
Godfrey BenjaminWith this ambitious goal, there are a lot of factors that must be put in place to hit this historic milestone, all of which are embodied in how the legal battle between Ripple Labs Inc. and the United States Securities and Exchange Commission (SEC) pans out.
At the moment, the company appears to be in the lead after scoring a decisive victory when Judge Analisa Torres declared that the trading of XRP on secondary marketplaces does not constitute a security offering.
This verdict ushered in a whole new era of confidence on the part of the XRP community, who went on a massive accumulation spree, which helped push the price of the coin toward the $0.75 range. Though the coin has shed most of its accumulated gains after this XRP ruling, the resurgence recorded at the time has showcased how much of a sleeping giant the coin has been all these years.
Decisive XRP buy-ups
To return to its year-to-date (YTD) high above $0.75, XRP bulls need to show a decisive buy-up of the digital currency, irrespective of the current unfavorable market slump. With the digital currency now relisted by some of the biggest marketplaces in the United States and around the world, the challenge of available liquidity can no longer constitute a bottleneck.
Alex DovbnyaIn all, the growth of XRP in the long term hinges on collective effort through boosts showcased by Ripple Labs and the evolution of the XRP Ledger (XRPL), respectively.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
Vladislav Sopov