Ripple has made some significant gains in August, with some traders speculating that prices will rise to $2. However, high volatility in the market has prevented this from happening. Regular dips in XRP prices have created strong resistance that XRP has failed to break, but the overall bullish sentiment remains strong.
XRP is trading at$1.20 at the time of writing after a 2.8% dip in 24 hours.
XRP Price Analysis
XRP’s chart outlook in recent days shows that volatility has dropped. However, this has not prevented the coin from significant dips. XRP is currently trading at a support zone of $1.20. This level is critical because it could either gear up the coin for a bull run or trigger selloffs.
If the dip continues, the next lower support lies at $1.18. However, moving to these levels could trigger selloffs from investors who want to dispose of the coin if the bears continue. XRP’s most critical level is at $1.10 because if it fails to stay above this level, a massive dip to below $1 could happen.
On the other hand, the dropping XR prices could attract investors who want to purchase after being left out of the recent bull rally. If these investors jump in at this point, XRP could retest the upper resistance of $1.24. If bulls are strong enough to push XRP towards $1.28, we could see the coin resume the rally towards $1.50 and beyond.
After the William Hinman deposition failed to favour Ripple, the company is now urging the Securities and Exchange Commission (SEC) to provide internal documents that will show the regulator’s views on bitcoin and ethereum. Besides, Ripple’s lawyers also stated that Hinman’s testimony was “dubious” as not all factors were provided.
After Ripple sealed Hinman’s deposition details, many assumed that the company had agreed on a settlement with the regulator. However, it now seems like a settlement could be far away from happening.
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