Bitcoin’s price has risen by more than 15%, and it now trades at $33,804.10, with a 45.9% market share. Altcoins have been gaining market share over the last few days as they have shown some significant gains.
Even as the long-running legal battle between Ripple and the Securities Exchange Commission (SEC) heated up, Ripple managed to prolong its bullish action from the previous session. In the most recent development, Ripple has begun asking the court to hear Hester Peirce’s claims that the SEC hasn’t done enough to regulate cryptos.
XRP Price Analysis
After a powerful surge over the last 24 hours and a test of the $0.60 resistance, XRP price analysis suggests bearish momentum will continue over the weekend, and bulls are likely to be tired. The altcoin broke over the primary resistance level of $0.60 but failed to hold above it, falling to $0.59.
The price is still up 2.2% in a day after rebounding from the previous low of $0.52 to form a beautiful double bottom. It’s currently testing an old $0.6 support level that’s now acting as a resistance. Since the beginning of June, the cryptocurrency has been trading within this price channel. Over the last fortnight, it has attempted to breach its upper angle on several occasions but has been rebuffed each time.
The RSI is still bearish. The recent upswing implies that the bearish momentum is waning, but a break above the midline would be required to turn bullish. Since mid-May, it hasn’t been above the midline.
Ripple and Binance recently moved 110 million XRP tokens worth $65,105,100 in the middle of the SEC’s uproar. According to blockchain tracker Whale Alert, the Ripple distributed ledger technology provider and the two major crypto exchanges have traded 110 million XRP tokens in the last 16 hours.