Ripple’s XRP started 2021 on a negative note when it dipped to low levels of $0.21 in January. However, the token managed to pick up with the rest of the crypto and regained the $1 levels. However, it crashed yet again in May and picked up in June.
At the time of writing, XRP is trading at $0.661 on major exchanges. This is a 2.7% decline in 24 hours.
XRP Price Analysis
XRP is currently in a consolidation phase after amassing significant gains in the past week. The token was rejected at $0.70, causing retreat to current levels. The retreat was attributed to bitcoin losses after the crypto retraced back to $33K, and altcoins mimicked the trend.
XRP had retested the $0.650 resistance levels earlier and managed to rise to near $0.67. The upcoming resistance for the token is $0.685, which it might achieve if the market reverses its current trend. The major breakout resistance level for the token lies at $0.70, and above this level, the token may witness a bearish rally that may progress to even higher levels.
If the downtrend at current levels continues, XRP might retest $0.50. Retesting that level and going below might record a sharper decline if buyers choose to dispose of their holding and avoid future losses.
One of the main things that Ripple boasts of is its technology. Ripple brings blockchain into payment platforms by enabling cross border payments. Its technology recently gained a major endorsement, bringing the token closer to achieving low-cost cross border payments.
Japan’s Banking giant recently partnered with another leading bank in Japan, Hamamatsu Iwata. SBI has been in partnership with Ripple since 2016, and now this partnership will extend to Hamamatsu Iwata, which will have access to RippleNet’s low-cost transactions.
The other major development that XRP holders are waiting for is a settlement on the case with the SEC. There are no certainties whether this will happen or not. However, if it does, XRP may be headed to a major rebound, and we might witness a major price rally.
Where to buy Ripple
With XRP being on the list of some of the most viable investments in the crypto market, both long term and short holders may be looking to buy in the dip. To buy the token, you need to create an account on a reputable crypto exchange. One of these is eToro.
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