Ripple witnessed a strong bull run after its SEC victory. However, it later gave back its gains along with the negative mood in the market. However, the bulls have not given up on the bears’ strength. Bulls and bears continue to fight for the altcoin. So who is closer to winning?
Altcoin tries to find balance in price volatility
cryptocoin.com As you follow, the cryptocurrency market has lost its previous gains. Currently, the total cryptocurrency market cap has dropped to $1.05 trillion. Thus, the market has returned to a bearish trend. XRP has been at the forefront of affected altcoin projects as previous moves in the market have been wiped out by the current drop in prices.
At press time, XRP is changing hands at $0.5129, down 4.15% in the last 24 hours. Meanwhile, XRP bulls have been quite active before. Because the coin rose up to 4% in early trades after losing all its gains. Despite the marked price drop, the trading volume of cryptocurrencies shows a difference in action between bulls and bears. Altcoin trading volume has also increased by 3.2% in the last 24 hours, thus the volume has reached $1.418 billion.
XRP price chartBears have more advantage in XRP, but…
Crypto analyst Godfrey Benjamin shares the following considerations for the future of XRP. The outlook is currently bearish. However, the struggle for dominance between buyers and sellers continues. We continue to watch who will win this one. However, as a volatile market, the current trend is favorable for bears. However, whether the current trend will be significant depends on the overall market sentiment.
XRP is owned by blockchain payments firm Ripple Labs Inc., associated with the United States Securities and Exchange Commission (SEC). It remains an attractive altcoin, although there is a slight uncertainty in its future, according to the ongoing litigation. With the regulator filing an Appeal against Judge Analisa Torres’ decision to declare XRP a non-security when traded on exchanges, the bulls remain in their positions to know how the dispute will unfold in the near future.
What’s on the horizon for altcoin?
Meanwhile, industry experts see XRP as a cryptocurrency that sits on turbo engines and is ready to rise in the long run. The current XRP decision is valid for now. It continues to be traded on exchanges that have relisted cryptocurrencies in the US over the past few weeks. However, the case is not yet over. Therefore, critical developments in the case are likely to have a serious impact on the altcoin price.
