The post XRP Price Maintains its Resilience Regardless of Turmoil Within the Crypto Space appeared first on Coinpedia Fintech News
Ever since the speculation around Ripple vs the SEC’s final ruling has made headlines, the XRP price has displayed immense strength. The token appears to be poised to maintain a firm upswing regardless of the challenges being imposed on the crypto markets. Recently, when the SEC charged Binance and Coinbase, the markets experienced a significant crash that also dragged the XRP price from $0.5189 to $0.4644.
Although the price recovered well and is currently trading at $0.4929, it continues to face minor bearish action. The price is displaying a minor dip comparatively, indicating a high level of stability amid the market’s volatility. The trading volume also rose above $1.15 billion as the inflow of investors into XRP has kept the volume highly durable.
Despite the regulatory challenges, the XRP price managed substantial growth in Q1, with sales reaching beyond $360 million. Moreover, the price is also displaying a huge possibility of maintaining a significant upswing as it continues its trade within a bullish pattern.
Being largely unaffected by the current market conditions, the XRP price is trading within an ascending triangle but continues to trade close to the lower support. The price maintains decent volatility at decent volume levels. The RSI also maintains a significant uptrend, and despite a pullback, the levels tend to rebound. This may keep up the bullish momentum and regain levels above $0.51 by the end of the first half of the year.
Besides, the XRP ledger (XRPL) also witnessed a notable increase in daily active addresses and transactions through the second quarter. According to some data, nearly 900,000 addresses received transactions in Q2, a 20x to 30x increase from Q1. Hence, this indicates that users withdrew from centralized exchanges in the wake of the ongoing lawsuit against the SEC.
Collectively, XRP’s price has manifested a steady performance despite regulatory challenges, and the robust on-chain metrics indicate its strong fundamentals and self-assured ability to maintain significant growth in the future.