Making significant progress in its ongoing lawsuit with the SEC, Ripple has gained positive momentum in many respects. native token XRP It continues to maintain its bullish outlook for a while. So, can the price break the critical threshold of $0.50?
XRP price started a significant uptrend a month ago. This rise lasted up to $ 0.548 with an average increase of 70%. While the price is currently hovering around $0.438, the bears are looking to cap the price at $0.4629. While some rises in price still seem likely, investors are looking for the $0.50 threshold to be crossed.
XRP Price Near Critical Threshold
XRP price recently had a fake breakout. This move kept the bears trying to break the support at $0.44 below $0.425. However, the price quickly recovered and rallied beyond the descending parallel channel. The price clearly showed the possibility of reaching $0.48. Meanwhile, the bears have become more dominant since the early trading hours, when a significant pullback within the channel seemed imminent.
As Koinfinans.com previously reported, after the sharp fall in the price in May, the price consolidated sharply. However, the daily active address continued to rise. Addresses rose from 55k to 200,000 in just one week and then fell below 35k. Since the addresses hit their lows at 33,700, the user’s trading activity has increased slightly, which has affected the XRP price.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.