The Ripple price has erased some of the gains made earlier this week. XRP has dropped to $0.6330, which is the lowest it has been since July 2. The price is about 10% below its highest level this week.. It has a market capitalization of more than $29 billion, making it the sixth-largest cryptocurrency project.
Ripple news. The XRP price has struggled lately as investors wait for the progress of the ongoing case by the SEC. The case is currently in recess as the SEC continues its fact-finding mission.
Meanwhile, Ripple Labs is working to evolve the RippleNet ecosystem for the tokenized future, which will transform how people buy, sell, track, and manage assets. This is in line with the recent prediction by the World Economic Forum (WEF) that predicted that 10% of the world GDP will be tokenized in the next few years.
In a report on Wednesday, Ripple Labs said that it was evolving from a mere provider of cross-border solutions to helping enterprises embraced the tokenized future. The report said:
“In the future, customers can use their Ripple-enabled wallet to custody XRP, BTC, stablecoins, and anything that’s tokenized.”
The two-hour chart shows that the XRP price has been in a tight range recently. The price started dropping when it rose to a high of $0.7080 on July 5. Today, it has already moved below the 28-day volume-weighted moving average (VWMA). It has also crossed the important support at $0.6342, which was the lowest level on July 2. This price was also the neckline of the previous double-top pattern.
Therefore, in my view, the coin may keep falling as bears target the next key support at $0.5818, which is about 8% below the current level. On the flip side, a move above the resistance at $0.6600 will invalidate this prediction.
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