- XRP trades at $0.5248, plunged by 1.12% in the last 24 hours.
- The asset could reclaim its bullish momentum if it breaks through the $0.55 resistance level.
XRP has wrestled to regain its bullish momentum over the past few weeks. The asset failed to cross the crucial $0.55 resistance mark. In addition, Ripple Labs has been involved in a lengthy lawsuit with the SEC, but recent developments have rekindled community interest. Analysts are expecting a notable shift in the legal battle and its impact on the XRP price.
Notably, the current price momentum suggests a brief decline, having plunged by 1.12% in the last 24 hours. XRP has climbed from a low of $0.5128 to a high of $5315. At press time, the asset traded at $0.5248 as per CMC data. Consequently, the daily trading volume of XRP has dropped over 16.10% to $850 million.
In addition, XRP’s bearish sentiment has continued over the past month and week. Over the past seven days, the asset lost over 3.35%. The token started trading at $0.5435 and slipped to a low of $0.5381. The asset struggled to break the nearby resistance to overcome the bearish pressure.
On the other hand, a transfer of 29.09 million XRP, valued at approximately $15.51 million, was made from an unknown wallet to the exchange Bitso over 24 hours.
Will XRP Price Face Hurdles?
The asset’s four-hour technical chart exhibits the Moving Average Convergence Divergence (MACD) indicator above the signal line. Notably, the daily relative strength index (RSI) of XRP is positioned at 36.16, nearly in the oversold condition in the market.
Meanwhile, the short-term 9-day and the long-term 21-day moving averages are found at $0.5285 and $0.5312, respectively, above the current price momentum.
Besides, if the XRP bulls became aggressive, the price could break and move above the critical resistance level of $0.5283. If this positive sentiment persists, the asset will likely retest the nearby resistance and might push the price toward the $0.5310 mark.
However, if XRP bulls fail to hold their ground, the price might bottom to its recent low at $0.5210. Further loss of the asset may take the price to $0.5182.
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