XRP’s Momentum Gathers Steam Despite Market Volatility
As the crypto market braces for US inflation data, XRP’s journey toward its all-time high is far from over. Despite recent market dips, Ripple's resilience is evident, with the price briefly slipping to \$3.18 on Tuesday. A drop of 8% from the previous week's peak of \$3.38 and 15% from its record high of \$3.66 shows the shifting dynamics in the market, yet the bullish outlook remains intact.
The US SEC's recent decision to step away from litigation, with a \$50 million settlement, has shifted the regulatory landscape, allowing Ripple to focus on expanding its cross-border payment infrastructure and exploring the tokenization of real-world assets. The announcement by SEC Chair Paul Atkins indicates that the agency is now poised to shape clearer regulations, which could fuel further growth for XRP.
Although speculative demand is softening, as reflected by a minor dip in futures Open Interest to \$7.88 billion, the market still has key support levels to lean on. XRP’s 50-day EMA at \$2.89, the 100-day EMA at \$2.67, and the 200-day EMA at \$2.40 stand as crucial anchors. These levels could help absorb selling pressure if the downward trend continues below \$3.00.
With growing optimism around improved regulations and XRP's increasing utility in On-Demand Liquidity (ODL) and Ripple Payments, a push back above \$3.00 is on the horizon. Eyes are now set on the \$3.40 resistance level, followed by the record high of \$3.66, as traders anticipate the next breakout. Will XRP reclaim its momentum and challenge new highs, or will market forces dictate another downturn? Only time will tell.
