Ripple Price
The Ripple price is in a tight range as investors continue to watch the ongoing SEC lawsuit. The XRP is trading at $0.4593, which is slightly below this week’s high of $0.4900. This brings its total market cap to more than $20 billion, making it the seventh biggest digital currency after BTC, ETH, BNB, USDT, ADA, and Polkadot.
What happened: The Ripple price has been relatively muted in the past few weeks. Indeed, while other cryptocurrencies like Bitcoin and Ethereum have gained by more than 20% in the past 7 days, XRP price has just gained by 2%.
This price action is mostly because, unlike other digital currencies, Ripple is being investigated. Yesterday, the Securities and Exchange Commission (SEC) asked the judge presiding over the case to allow it to check the bank accounts of the CEO and founder of the firm. The outcome of this lawsuit will come out in the next few months. In the meantime, many exchanges like Binance and Coinbase have suspended trading of XRP.
Is Ripple a good investment in 2021? This answer depends on the outcome of the ongoing case. If Ripple wins the case, there is a high possibility that it will retest the all-time high.
On the three-hour chart, we see that the XRP price has been in a tight range in the past few hours. It is trading between the support and resistance levels at $0.4338 and $0.4943. It is between the 50% and 61.8% Fibonacci retracement level. Because of the consolidation, the Average True Range (ATR) has declined substantially, which is a sign of low volatility.
Therefore, in the near term, the pair may remain in the current level as traders wait for a catalyst. A bullish breakout will be evidenced if the XRP moves above $0.50 while a bearish breakout will be evidenced if it moves below $0.4338.
