XRP has struggled to break out of a narrow range over the last few weeks and has failed to make any significant progress in terms of price pump.<\/p>\n
XRP struggles to surpass he crucial $0.53 resistance marker
\nThe altcoin is swinging between narrow ranges in terms of price movement
\nWhales continue to accommodate despite previous selloff<\/p>\n
The asset\u2019s trading data chart reveals it is trapped within a Fibonacci support and resistance region where it encounters strong challenge surpassing the $0.53 marker.<\/p>\n
Source: TradingView<\/p>\n
Every time XRP tries to move past this certain price point, it ends up testing the $0.43 support level. This cycle has been ongoing for the altcoin since the month of September.<\/p>\n
Despite the recent rally of the crypto market, the virtual coin declined by 1.3% over the last 24 hours and is still down by 4.4% for the past two weeks. At press time, according to tracking from Coingecko<\/a>, the digital currency is trading at $0.47.<\/p>\n A bit of good news for investors is that its Relative Strength Index is within an ascending support line which denotes a bullish signal for the asset that is the subject of an ongoing court battle between Ripple Labs and the U.S. Securities and Exchange Commission.<\/p>\n Despite being in a long-standing legal tussle, Ripple is turning its focus to network development activities that will help XRP recover from its losses.<\/p>\n The company recently announced the launching of its third wave<\/a> of $250 million creator fund which is open for all creators of both digital and physical non-fungible tokens (NFTs).<\/p>\n Ripple said the application is open until December 30, 2022 and all interested applicants are welcome to try their luck for the millions worth of creator fund.<\/p>\n This is still in line with the company\u2019s goal of increasing network activity of Ripple users and also underscores their interest to grow their NFT market.<\/p>\n As the crypto is not moving much in terms of price range, investors<\/a> might opt to buy right now and hold their tokens while waiting for the next bullish market rally.<\/p>\n XRP whales are doing the same, accumulating as much as they can even during the mini surge that helped the crypto space push its overall valuation back to over $1 trillion.<\/p>\n It is, however, important to note that addresses holding more than 10 million tokens have sold their XRP and trimmed their balances.<\/p>\n This would mean that while some big investors are buying, the others are selling, ensuring balance to the asset\u2019s distribution.<\/p>\n Some analysts believe it is wise to hold the asset for now as the Ripple Labs is on the verge of finally winning its legal battle against SEC.<\/p>\n They are looking at this development as a catalyst to trigger an XRP rally that will finally break its bearish cycle.<\/p>\n\n XRP market cap at $23.6 billion on the daily chart | Featured image from The Daily Hodl, Chart: TradingView.com<\/a><\/p>\n Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n XRP has struggled to break out of a narrow range over the last few weeks and has failed to make any significant progress in terms of price pump.<\/p>\n XRP struggles to surpass he crucial $0.53 resistance marker The asset\u2019s trading data chart reveals it is trapped within a Fibonacci support and resistance region where it encounters strong challenge surpassing the $0.53 marker.<\/p>\n Source: TradingView<\/p>\n Every time XRP tries to move past this certain price point, it ends up testing the $0.43 support level. This cycle has been ongoing for the altcoin since the month of September.<\/p>\n Despite the recent rally of the crypto market, the virtual coin declined by 1.3% over the last 24 hours and is still down by 4.4% for the past two weeks. At press time, according to tracking from Coingecko<\/a>, the digital currency is trading at $0.47.<\/p>\n A bit of good news for investors is that its Relative Strength Index is within an ascending support line which denotes a bullish signal for the asset that is the subject of an ongoing court battle between Ripple Labs and the U.S. Securities and Exchange Commission.<\/p>\n Despite being in a long-standing legal tussle, Ripple is turning its focus to network development activities that will help XRP recover from its losses.<\/p>\n The company recently announced the launching of its third wave<\/a> of $250 million creator fund which is open for all creators of both digital and physical non-fungible tokens (NFTs).<\/p>\n Ripple said the application is open until December 30, 2022 and all interested applicants are welcome to try their luck for the millions worth of creator fund.<\/p>\n This is still in line with the company\u2019s goal of increasing network activity of Ripple users and also underscores their interest to grow their NFT market.<\/p>\nRipple Focusing On Development To Help XRP<\/h2>\n
Should Investors Buy XRP Today?<\/h2>\n
\nThe altcoin is swinging between narrow ranges in terms of price movement
\nWhales continue to accommodate despite previous selloff<\/p>\nRipple Focusing On Development To Help XRP<\/h2>\n
Should Investors Buy XRP Today?<\/h2>\n