Is it Too Late to Buy XRP? Crypto Analysts Have Started Accumulating This Other Utility Coin While Its Still Cheap – Here's Why
The market turbulence of XRP, the cryptocurrency by Ripple, has been a topic of heated discussion lately as the SEC's case continues to sour.
XRP's aggressive downtrend from mid-April has kept it around the mid-$0.42s, reflecting a nearly 10% drop this month and a 28% drop from March’s highs. This downtrend has led many to question its near-term price predictions.
While XRP is grappling with its downward pressure, the overall cryptocurrency market is gaining momentum, with Bitcoin up by more than 2%.
The looming legal battle between the US Securities and Exchange Commission (SEC) and Ripple further clouds XRP's future.
Yet, this lawsuit's resolution could serve as a catalyst for a significant XRP surge, with new highs for the year above $0.60.
Although a favorable outcome to the SEC lawsuit could see XRP becoming one of the top performers in the crypto space, the forecast of hitting $10 per token this year might be overly optimistic.
Ripple's (XRP) price has been hovering around the $0.43 zone for the past week.
Despite the gloomy market sentiment surrounding the top-ranked cryptocurrencies, XRP ledger network has witnessed a considerable increase in network traction.
The rising Mean Coin Age across the Ripple network indicates that most long-term investors across the network are holding firm.
However, unless XRP can break beyond the $0.45 resistance level, it may drop much lower towards the next significant support level at $0.35.
While XRP's outlook remains uncertain, there's a new utility coin that has caught the attention of crypto analysts - DeeLance ($DLANCE).
As the freelance economy continues to grow, the demand for decentralized platforms like DeeLance, a blockchain-powered freelancing and recruitment metaverse platform,
Read more on cryptonews.com
