XRP Attempts to Break Through, but Here’s Problem
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Arman Shirinyan As XRP teeters on edge of breakthrough, dwindling trading volumes and past legal shadows threaten its rise Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. The world of cryptocurrencies has witnessed a massive surge in the past year with many digital coins making significant gains. XRP, a prominent name in the crypto realm, recently attempted a breakthrough, evident from its daily charts. However, this potential breakthrough might be hampered by some persistent issues. The first and foremost concern with XRP is the evident lack of trading volume and liquidity. A healthy trading volume is often an indicator of strong investor interest and robust market activity. For any cryptocurrency to surge, it needs to have substantial trading volume backing its price movements. A low trading volume could signify a lack of investor interest or confidence, leading to price stagnation or even decline. Source: TradingView Upon examining the daily chart of XRP, one can observe a fairly horizontal movement with slight upticks. While there is a noticeable attempt to move upward, the movement lacks momentum. This sideward trend can be attributed to the low trading volume, reflecting the hesitancy of traders and investors to take a bullish stance on XRP. Furthermore, the aftermath of the SEC’s lawsuit against Ripple and its CEO, Brad Garlinghouse, still looms large. Although the SEC dropped the charges, the incident…
Filed under: News - @ October 22, 2023 11:06 am