Ripple’s cryptocurrency, XRP, continues to show volatility
XRP continues to show volatility as it hovers around the crucial support level of $2.0, despite positive on-chain data and legal developments. The overall market uncertainty and declining trading volume have led to cautious behavior among traders. The persistence of XRP’s price at this level is seen as having significant implications for future directional movement. On the legal front, the joint motion for a delay filed by Ripple 
$2 and the SEC offers some hope regarding the process.
Price Struggles Within the $2 Range
XRP rebounded from $1.9 within the last 24 hours, inching close to the critical support point of $2.0. However, after this rise, the price failed to establish lasting support at this level. A notable 51% drop in daily trading volume indicates that the market is experiencing low volatility, causing traders to postpone their buying and selling decisions. This situation may lead to limited short-term gains. The head and shoulders formation highlighted in technical analyses suggests that XRP has upward potential, but it requires a clear break above the breakout zone. If the price manages to hold above $2.0, analysts project potential target levels of $2.2 and beyond. Conversely, a downward breach of the support level raises the risk of a pullback to $1.20, signaling a cautious period for traders.
On-Chain Confidence Grows, Legal Proceedings Await
The increase in the number of addresses on the Ripple blockchain is perceived as a sign of growing investor confidence. According to on-chain data, the number of addresses holding at least one XRP has reached 6.26 million. This figure indicates a rise in active users on the network and ongoing interest in the Ripple ecosystem. Particularly during volatile market periods, such data can provide psychological support to investors. Additionally, a significant development has occurred in the ongoing legal battle between Ripple and the SEC. Both parties filed a joint request to pause the proceedings related to the XRP case. Following this development, the process is expected to be reassessed according to the court’s ruling. Analysts believe such moves could nurture positive expectations for XRP’s price and enhance investor sentiment. Some analysts, such as EGRAG Crypto, refer to past market cycles to suggest that XRP could reach levels as high as $30 in the long run. However, for this to materialize, the price must first break through existing resistance levels and gain lasting momentum.
