XRP has struggled to break out of a narrow range over the last few weeks and has failed to make any significant progress in terms of price pump.
XRP struggles to surpass he crucial $0.53 resistance marker
The altcoin is swinging between narrow ranges in terms of price movement
Whales continue to accommodate despite previous selloff
The asset’s trading data chart reveals it is trapped within a Fibonacci support and resistance region where it encounters strong challenge surpassing the $0.53 marker.
Every time XRP tries to move past this certain price point, it ends up testing the $0.43 support level. This cycle has been ongoing for the altcoin since the month of September.
Despite the recent rally of the crypto market, the virtual coin declined by 1.3% over the last 24 hours and is still down by 4.4% for the past two weeks. At press time, according to tracking from Coingecko, the digital currency is trading at $0.47.
A bit of good news for investors is that its Relative Strength Index is within an ascending support line which denotes a bullish signal for the asset that is the subject of an ongoing court battle between Ripple Labs and the U.S. Securities and Exchange Commission.
Ripple Focusing On Development To Help XRP
Despite being in a long-standing legal tussle, Ripple is turning its focus to network development activities that will help XRP recover from its losses.
The company recently announced the launching of its third wave of $250 million creator fund which is open for all creators of both digital and physical non-fungible tokens (NFTs).
Ripple said the application is open until December 30, 2022 and all interested applicants are welcome to try their luck for the millions worth of creator fund.
This is still in line with the company’s goal of increasing network activity of Ripple users and also underscores their interest to grow their NFT market.
Should Investors Buy XRP Today?
As the crypto is not moving much in terms of price range, investors might opt to buy right now and hold their tokens while waiting for the next bullish market rally.
XRP whales are doing the same, accumulating as much as they can even during the mini surge that helped the crypto space push its overall valuation back to over $1 trillion.
It is, however, important to note that addresses holding more than 10 million tokens have sold their XRP and trimmed their balances.
This would mean that while some big investors are buying, the others are selling, ensuring balance to the asset’s distribution.
Some analysts believe it is wise to hold the asset for now as the Ripple Labs is on the verge of finally winning its legal battle against SEC.
They are looking at this development as a catalyst to trigger an XRP rally that will finally break its bearish cycle.
XRP market cap at $23.6 billion on the daily chart | Featured image from The Daily Hodl, Chart: TradingView.com
Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.