Within the cryptocurrency space, the price of After Ripple co-founder Chris Larsen clarified that the intrusion occurred in his “personal wallet” and not the company’s, the price stabilized somewhat but failed to spark a rebound. However, affected wallets were frozen and law enforcement agencies also got involved.
XRP price was close to testing the lower support of the symmetrical triangle, which was further extended after the hacking round. However, despite the unstable fundamentals backdrop, trader interest in Ripple continued to grow. Moreover, in the long term, the XRP price continues to be pressured by strong trend resistance as an upward trend continues to form on the charts.
Despite the bullish efforts, XRP price appears to be far from a strong breakout as the recent pullback could delay the rally for a few more days.
XRP strength sparked a healthy bounce after the clarification, but fears of a downtrend continue to hover over the XRP price. Since the price is testing support and one of the key liquidity areas, there is a possibility of a test of sub-$0.5 levels in the form of a false breakout before further upside. However, the market continues to have good potential to take long positions up to $0.7325 even at the current price position.
Recently, we have seen a significant increase in the number of wallets as some companies are known to be involved in analyzing the cryptocurrency space. Moreover, after BTC & ETH, the spot XRP ETF is often mentioned, which largely relies on the ongoing litigation between Ripple and the SEC. However, considering the technical aspects, the XRP price is trying hard to trigger a bounce from the lows, and if successful, a bounce to $0.7 could be imminent. Otherwise, a drop below $0.5 could create a new bearish situation.