XRP price shoots 6% over the past 24 hours despite suffering a slump of 28% on April 16. The crypto was able to bounce back on May 1 and get stronger by the day with a surge of 12%.
XRP is set on its road to recovery in the coming weeks.
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XRP’s expected jump would be at 30% in Q2 this year. (Image credit: Dreamstime.com)
Ripple (XRP) – Pioneering The Crypto Scene
XRP was one of the frontrunners of the early crypto market alongside Bitcoin and Ethereum. It is was one of the pioneers of the early cryptocurrency market, which experienced massive price hikes in early 2017.
Recently, the crypto together with all other cryptocurrencies has been experiencing turmoil and stunted growth because of political, environmental, and regulatory issues.
The decline was expected but it’s not a happy state as it is for crypto traders all over the globe. However, unlike others, XRP seems to be recovering and gaining momentum.
Ripple-SEC Legal Battle
XRP is currently trading at $0.61 after experiencing intraday highs of $0.63. Its bullish comeback seems to have been triggered by favorable investor and technical sentiment in spite of setbacks from a lawsuit by the U.S. Securities and Exchange Commission.
Ripple was sued by the SEC for selling securities illegally using XRP. Nevertheless, Ripple seems to be winning in market capitalization from this legal battle.
The Relative Strength Index (RSI) on XRP seems to have come to a maximum point considered as oversold which signals that the heavy selling…