Is It Too Late to Buy XRP? Ripple Price Bounces at $0.45 Support and Penny Crypto LPX Races Toward $1 Million as Global Investors Turn to New Analytics Platforms
XRP, the cryptocurrency that powers the decentralized payments-focused XRP Ledger blockchain protocol, has recovered nearly 4% from earlier session lows.
Broader crypto markets have been rallying led by bitcoin in the last few hours thanks to optimism that BlackRock’s proposed spot bitcoin Exchange Traded Fund (ETF) will be approved.
This has helped lift XRP back above $0.47 from earlier lows in the mid-$0.45s.
But XRP is still down a little over 1% on the day.
Technical selling remains a short-term headwind for XRP, with the crypto having recently broken to the south of a month-long uptrend.
In wake of the latest pullback from last week’s highs in the $0.56s, now is likely a good time to buy XRP.
In wake of the US Securities and Exchange Commission’s release of documents relating to a speech by former high level agency official William Hinman, momentum appears to be on Ripple’s side in its lawsuit against the SEC.
Ripple was sued by the SEC back in 2020 for allegedly selling XRP as an unregistered security, but analysts think that the contents of the Hinman speech documents weakens the SEC’s case.
Most expect that Ripple will soon secure victory against the SEC (i.e. via a favorable settlement or outright court victory).
And that could propel XRP higher, as it would likely result in a boom for Ripple’s cross-border payments and liquidity business which utilizes the XRP Ledger.
Ripple launched XRP and the XRP Ledger back in 2012.
So investors who enter the market now might be getting in ahead of what could be a big pump for XRP.
Technicals could support this view.
XRP appears to be in the early stages of forming a new long-term ascending triangle structure, with the most recent bounce perhaps having confirmed this.
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