Ripple XRP traded in the red throughout most of this week, hovering around the $0.50 mark. Despite increased popularity on social media, XRP has yet to break out of bearish holds. Fortunately, this hype around the asset is still climbing, hence holders are optimistic that the coin will turn bullish soon enough.
The US Securities and Exchange Commission (SEC) recently stated that Ripple Lab’s newly planned stablecoin qualifies as an “unregistered crypto asset.” XRP didn’t rise or fall much following this news. However, with a slight downtick in price, investors began to accumulate, seeing the Ripple token rise in trading volume towards the end of the week. Currently. TV is up 4% in the last 24 hours for XRP.
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Is Ripple XRP Set To Tumble Further Next Week?
On the other hand, there are concerns that XRP will continue its bearish trend, with indicators suggesting a further price dip. The token’s Chaikin Money Flow (CMF) registered a significant dip in the past week. Furthermore, its Relative Strength Index (RSI) also moved southward, indicating an upcoming slump. These indicators suggest that XRP’s price might continue to drop further. If this rings true, the token might fall to its support level of near $0.50 or even further, to as low as $0.46.
Another factor that isn’t helping XRP’s case is its Network Growth. XRP’s Network Growth has declined for the last 30 days. Fewer addresses were created to transfer the token in April compared to March. This is counterintuitive to the rising popularity of XRP and its SEC case.
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Ripple’s XRP is on very fragile ground currently and is in fear of tumbling further. A positive decision in their case against the SEC, or perhaps a positive ruling in the SEC vs. Binance case, could shift the asset back in a positive direction. However, those results may not come for some time. Hence, the bears may hold a tight grip on the token for a little longer.