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XRP Price Faces Brief Correction as Bears Fight Back

Editors News
  • If the XRP price falls below the $0.54 support level then it will likely test the $0.52 level.
  • At the time of writing, XRP is trading at $0.5403, down 2.31% in the last 24 hours.

Experts have predicted that, despite XRP’s success in the litigation between Ripple Labs and the U.S. SEC, it is still significantly undervalued in comparison to other leading cryptocurrencies.

Now, XRP is likely to play a pivotal part in projects funded by Ripple Labs, such as international payments and settlements. With this in mind, Ripple and Uphold recently signed a collaboration wherein Uphold will become Ripple’s liquidity partner in international settlements.

Its significance in international money transfers and settlements is bolstered by its partnerships, notably its latest one with Uphold. XRP is positioned to play a critical role in Ripple Labs’ growing worldwide alliances.

Since the SEC litigation has hampered the firm’s ability to expand in the United States, it has been recruiting more partners from abroad.

Indecisive Trend

Despite a little price fall XRP has shown endurance. After a strong month of expansion, many see this correction as a necessary step before continuing upward momentum. The RSI is now rising but is indecisive about the direction of the trend as it remains close to the 50 level.

At the time of writing, XRP is trading at $0.5403, down 2.31% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 27.29%.

If the price manages to go past the $0.56 resistance area then it is likely to rally further to test the $0.58 mark. Breaking this level will likely see price testing $0.65 resistance level. However, if the price falls below $0.54 support level then it will likely test $0.52 level.

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