With the current condition, the crypto market might see increased pressure in the upcoming days. Thus XRP might drop. However, when will Ripple’s XRP surge? Let us analyze the case in this Ripple price forecast.
XRO/USD pair witnessed its price dropping this week, extending the retracement momentum from 11 November when the token revisited its September peak, testing the resistance at $1.35. Sellers dominated since then, canceling the gains and hopes of market players that believed in rapid growths for the altcoin.
Ripple’s Positive News
Market players appear unbothered by positive news on the Ripple project as they remain sensitive to the overall market sentiment. AtoZ Markets reports this week revealed that Ripple executive Brad Garlinghouse stated that the firm had impressive progress on its lawsuit with the US SEC.
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The CEO noted that the case may end in 2022, and the decision/outcome will impact the entire cryptocurrency market. Garlinghouse also highlighted various nations aiming at clearest cryptocurrency regulations, including United Arab Emirates, Switzerland, Singapore, and Japan.
Last week, Ripple’s CEO commented on crypto regulation by the United States authorities. The government has to aim at formulating conditions for innovations in the nation besides protecting investors’ interests. That is according to the regulation document.
The further optimistic news for the crypto market is the much-anticipated Taproot, the first massive upgrade on the Bitcoin network in four years. With that, the blockchain will utilize the Schnorr algorithm, improving the network’s security and privacy.
For now, the crypto market suffers a decline. As market players fear a continuous plunge, they transfer money towards defensive assets. The panic follows the epidemiological situation deterioration in the globe. That has forced various countries to repeat nationwide lockdowns, threatening worldwide economic recovery.
Moreover, Joe Biden signed an infrastructure bill. The laws included cryptocurrency language. The bill introduces stiffer regulations for corporate dealing with crypto and brokerages requirements.
When Will XRP Surge?
With the existing conditions, the crypto market will see an increased pressure in the upcoming days. That can see XRP declining. While writing this article, XRP trades at $0.94 following a 7.57% drop over the past 24 hours.
XRP price might try to retest 50% retracement at $1.17. That would translate to a 15% surge from $1.01. Though such a scenario is possible, breaching the support at $0.94 will translate to further drops towards $0.85. This level can present a buy opportunity to trigger a move past $1.5.