The post XRP Faces Substantial Decline Post Failing to Clear Above $0.64 Mark appeared on BitcoinEthereumNews.com.

At the time of writing, XRP is trading at $0.5684, down 5.12% in the last 24 hours. The price recently broke below the support level of $157. David Schwartz, chief technology officer of Ripple, has tweeted more details on XRP Ledger’s (XRPL) clawback feature. The significance and utility of this feature have been clouded by Schwartz’s recent insights, which have contributed to the ongoing debate within the XRP community. Schwartz claims that fixing errors in the ledger is the main goal of the clawback feature. He went on to remark that the ledger is inherently flawed if a digital asset stands in for a legal duty and the token suggests that the obligation exists despite the legal system stating otherwise. As it gets ready for what may be an unprecedented price spike, XRP, one of the leading altcoins, is garnering a lot of market interest. Following a positive legal development that bolstered the asset, XRP’s 20% spike has piqued the curiosity of investors once again. On its monthly chart, a bullish triangle formation is beginning to form, adding to the optimism around XRP. Technically, this pattern indicates that there will likely be large price fluctuations. It is characterized by trendlines that are merging inside a continuing uptrend. Key Support Level Broken More and more buyers are seen in the pattern, and XRP has a decent shot of breaking out above the upper trend line, which would cause a significant price spike. However, the price has been facing a brief decline.  At the time of writing, XRP is trading at $0.5684, down 5.12% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 11.31%. The price recently broke below the key support level of $0.57. The price will now likely test $0.50 support level. However,…

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Filed under: News - @ August 11, 2024 8:16 pm