The cryptocurrency market as a whole is recovering, with Bitcoin (BTC) at the forefront of this movement. As of right now, the total value of the cryptocurrency market has increased by 1.44% in just one day, reaching $2.29 trillion. The price of XRP is quietly in the limelight of this reboot since it has joined the rally to overcome its most significant short-term obstacle.
As of this writing, the currency is trading at $0.5047 after rising 0.2% during the previous day. Market observers think that the current flipping of the support at the $0.5 resistance point may indicate that the worst of the downturn is behind us, even if XRP is still down 5.09% for the week.
This year, after reaching a peak of $0.72, XRP retreated and dropped as low as $0.48. Since at least mid-April, the coin has been struggling due to its low price and the $0.57 mark. For XRP, breaking the $0.5 barrier now acts as a yardstick as observers predict what steps it will take next.
Overall, XRP’s volatility has been comparatively lower than anticipated; but, because its Relative Strength Index (RSI) is now fixed at 43.15, the overselling may soon be reversed.
Many network developments around the XRP Ledger protocol might have an effect on XRP’s long-term prospects. XRPL is now one of the L1 protocols with a significant business sponsor, including SBI and Infinite Block, when additional validators are brought on board.
Long-term development prospects for XRP may also be influenced by the verdict in the Ripple v. SEC litigation. The price of XRP as a whole may soar if Ripple Labs is assessed a small deterrence cost for breaking securities regulations in relation to sales to institutional investors.
