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Amid the ongoing crypto market rebound led by Bitcoin (BTC), Ripple Labs-backed XRP price has struggled to recover bullish momentum. The large-cap altcoin, with a fully diluted valuation of about $53.7 billion and a daily average traded volume of around $1.5 billion, has been retesting the support range between 52 cents and 54 cents in the past two weeks.
What’s Dragging XRP Back?
By now, it is safe to say that a major group of the XRP community has grown wary after the US SEC filed a notice of appeal to the Second Circuit Court of Appeals on Judge Analisa Torres’ ruling.
Furthermore, the recent conclusion of the Ripple case, which saw the blockchain payment firm fined $125 million, had given the XRP hope of a fast bullish breakout towards a parabolic phase in the near term.
The fact that there are better opportunities for long-term XRP investors to diversify into, including meme coins, the digital asset could continue to face a challenging time ahead.
All Not Lost!
Amid all the short-term uncertainty for the XRP market, the Bitrue exchange has remained a staunch supporter of Ripple and its products. The Singapore-based exchange has noted that there has been a renewed interest in XRP by whale investors in the last few days. As a result, Bitrue analysts remain confident in the long-term prosperity of XRP.
The XRP future could heavily be determined by the winner of the US 2024 presidential elections. Whereby most of the crypto investors have been supporting Republican candidate Donald Trump in order to get rid of the current SEC chair Gary Gensler and put in place proper laws for the crypto space.
Technical Aspect
From a technical analysis standpoint, XRP price has faced an immense resistance level of around 66 cents since November last year. The recent XRP retrace has crushed hopes for a bullish breakout in the near term, thus potentially putting the crypto asset in a class of zombie altcoins.
In case of further XRP price capitulation in the near term, the altcoin could find a major support level of around 42 cents.
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