Ripple Price Up By 5.15% – Time to Buy XRP Coin?

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Ripple has shown resilience this year after beginning 2021 on a negative note following a legal case with the US Securities and Exchange Commission (SEC).

The case, which is still ongoing, led to a sharp decline in the value of XRP, with the digital asset falling below 60 cents in the first quarter of the year.

However, fortune has gradually smiled on the digital payments company, and it has been making significant gains as investors rush to buy XRP.

We will consider the technical and fundamental analysis of the digital currency so far.

XRP: Thriving Despite Regulatory Uncertainty

XRP price chart November 10

The regulatory cloud surrounding virtual currencies has largely stunted the growth of the crypto market, making it more difficult for mainstream adoption. This issue has negatively impacted XRP much more than other crypto protocols.

The blockchain-based payment solutions company got hit with a subpoena by the SEC, citing sales of unregulated securities worth over $1.1 billion between 2013 to 2017. The company has denied this claim and is currently battling the top US regulatory agency.

The short-term effect of the legal battle led to XRP dropping more than 50% in the aftermath of the case. Despite this, XRP has retained its position on the top ten most valuable crypto assets by market cap.

At press time, XRP is up 5.15% and is trading at $1.3091 with strong bullish undertones. Its seven-day gains are also remarkable as it stands at 11.04% and is pegged to the seventh spot on the crypto ranks.

The 24-hour trading volume is through the roof, with $5.3 billion worth of XRP currently changing hands, reflecting a modest 5.74% increase. Meanwhile, its market cap has seen an impressive uptick as it is up 6.75% and is pegged at $62.7 billion.

XRP Technical And Fundamental Analysis

XRP has not replicated its 2018 rally of $3.40 since this year began, but the digital asset holds so much potential. With its strategic focus on other key markets in Asia and Europe, Ripple has maintained a strong momentum, which has seen investors buy XRP.

Considering its 24-hour technical performance, we can see that XRP is bouncing back from the worst part of its year so far. The digital currency is soaring above the 20-day moving average (MA) support price of $1.1381. This bullish momentum is further reinforced in the 200-day MA price of $1.0071, which shows that XRP may likely continue in an uptrend well into this month.

At the moment, its 14-day relative strength index (RSI) indicates growing market confidence surrounding the project. The oscillator shows XRP trading dangerously close to the overbought region at 68.77.

This is ample evidence that more investors are now keen to buy XRP, given the positive atmosphere surrounding cryptocurrencies in general.

The moving average convergence and divergence (MACD) indicator reveal the green trendline soaring above its orange counterpart, clearly showing a buy signal.

XRP’s stellar performance can be largely tied to its fundamental activities in the past few weeks. Ripple Labs unveiled a turnkey solution for financial institutions looking to offer cryptocurrency service to their customers in a recent blog post.

Codenamed Liquidity Hub, Ripple says it will leverage smart order routing to source for digital assets at economical prices across market makers, exchanges, and over-the-counter (OTC) desks.

Also, the Liquidity Hub will enable legacy-based institutions to provide customers with the ability to buy, sell, and hold digital assets at the best prices.

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About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.