XRP’s trading price increased notably in the Wednesday trading session. The asset’s value jumped by 1.81% in the session, a significant push after some time.
Due to the recent push, the value of XRP was able to recover from the 0.53% dip it had faced a day earlier. After the push, the trading price of the asset has been pushed up to $0.38349.
The data shows that the trading price of the asset has managed to stick to a particular level. This is for the first time in six months that the trading price of XRP has reached and has held to a particular level.
Performance of XRP
As the day began, the trading price of XRP was at a low of $0.3730. As the buying momentum of the bulls kept surging, the trading price of the asset kept steering higher.
Towards the end of the day, the trading price of XRP had surged past the major support level. The S1 for the asset was $0.3717 and the buyers were able to push it through that level.
From there, the trading price of the asset continued rising and it managed to surge to a high of $0.38421.
XRP not only cross the support level but it managed to surge through the first major resistance level, which is at $0.3820. The assets’ price kept on rising and it managed to surge to a high of $0.38349.
Nothing in Favor of Ripple
As of now, there are no updates pertaining to the lawsuit between Ripple and SEC. With no updates in sight, the investors have nothing to guide them that would help push the asset’s price higher.
There is currently no update from the SEC v Ripple case that can help push the asset’s price higher. With no significant update coming in favor of Ripple from the case, it is forced to depend upon the general crypto news and the economic calendar.
Fear from the Feds
Then it is the Feds that have made announcements that may not go in favor of cryptocurrencies, so XRP is facing the same situation.
With every passing month, the inflation rates are rising in the United States. With hot figures coming in, the Feds are going with the ongoing monetary policy.
They will continue increasing the interest rates, which confirms that the dollar price will keep on rising. With the rise in the dollar price comes a decline in the trading values of the rival currencies.
This is where the cryptocurrencies come in that have witnessed a great decline in trading prices. XRP is also among the cryptocurrencies that are witnessing a downtrend.
As the dollar price keeps gaining strength, more investors will continue withdrawing from XRP. They will start investing heavily in the rival currencies, which in this case is the US dollar.