XRP Succumbs to Selling Pressure but Technical Signals Show Promise

Recently, the price of XRP has been suffering; it has dropped 8% in the last seven days to $0.42. Compared to bullish cycles, the trading volume is low at less than $1 billion.

The Ripple-issued currency, which now holds the No. 6 slot in the rankings with a market worth of $21.7 billion, has to gain momentum in order to recapture its previous highs in the $0.50 range.

On Twitter, well-known cryptocurrency expert Ali_Charts provided a scenario that might raise the price of XRP. He drew attention to a technical configuration on the short-term XRP chart where the "TD sequential" indicator, which indicates when a trend is waning, is displaying a buy signal. Any confirmation of that hypothesis might propel the price of XRP back up to $0.45.

The SEC vs. Ripple

The cost for the blockchain startup's legal defense against the American SEC has been disclosed by Ripple CEO Brad Garlinghouse. According to Garlinghouse, who recently spoke at a conference in Dubai, the litigation, which targets the business accused of selling XRP as an unregistered securities, is costing Ripple $200 million.

 Ripple's Expansion in Dubai 

The head of Ripple continued by revealing that his business has set its eyes on expanding in Dubai. One-fifth of the business's clients are based in the MENA area, where a clear legislative framework is being developed and making it simpler for blockchain firms to operate, according to Garlinghouse.  

Bitcoin Market Chaos

In previous months, XRP has been able to trade independently of bitcoin, but now, it seems like too much uncertainty is growing. 

Recently, speculation over whether the US government was getting ready to sell its Bitcoin assets tied to the Silk Road spooked investors and caused a 5% decline in the price of bitcoin. However, there is no proof that the amount of bitcoin held by the US government is becoming smaller.  

As bitcoin's price continues to drift away from the $30,000 milestone, it is putting pressure on the larger cryptocurrency market. 

Nevertheless, despite a little cooldown in April, inflation is still high. Additionally, inflation in the United Kingdom is still in the double digits, which is good news in the long run for a store of value asset like bitcoin.