Institutional adoption of the XRP Ledger (XRPL) has been steadily growing, but the sixth largest digital asset, XRP, is in a potentially rough patch. Over the past two weeks, the XRP market has experienced bearish sentiment, with hourly timeframes showing lower highs and lower lows.
In addition, XRP’s trading volume has declined significantly as bullish attempts to surpass key resistance levels around 54 cents hit hurdles. As a result, the XRP price could fall further in the coming days, especially if the SEC in the United States sticks to its aggressive crypto regulation.
Nevertheless, the ultimate fate of XRP rests with U.S. District Court Judge for the Southern District of New York, Analisa Torres, who will decide whether or not the digital asset is a security.
XPR Price Analysis
According to a popular YouTube crypto channel with over 150,000 subscribers, Cheeky Crypto, the XRP market is facing a significant resistance level below 50 cents. As a result, the analyst expects the XRP price to continue falling to 46 cents to accumulate more liquidity.
In particular, the 14 lookback stochastic RSI, which essentially tells traders the strength of momentum based on the volume behind it, provides crucial information for demand-based analysis. On the XRP US Dollar 2-Hour Derivatives Chart, the analyst noted that the stochastic RSI shows that demand is approaching overbought territory, indicating an incoming price reversal.
