- If the XRP price manages to break above $0.51 then a further rally to $0.55 is expected.
- Ripple is still planning to expand internationally despite the ongoing SEC pursuit.
Ripple’s relentless resistance against the United States SEC continues to attract attention from the crypto community at large. The firm plans to keep moving forwards with key innovations and collaborations. Ripple is still planning to expand internationally despite the ongoing SEC pursuit and bearish market sentiments.
According to David Schwartz, Ripple’s CTO, the arrival of an Automated Market Maker (AMM) has the potential to convert XRP’s renowned price volatility into yield. The AMM, which is a part of the latest upgrade to XRPLedger, is meant to capitalize on price fluctuations and increase demand for the cryptocurrency, particularly if its value declines. The majority of the interest this will generate will come from current XRP holders, which should lead to a net rise in purchasing pressure.
Ripple released XRPLedger 1.12.0 earlier this week. All server operators were urged to upgrade to the new version so that they may participate in voting on proposed changes. There are several advantages to using this protocol, including the elimination of front-running and the introduction of a fresh method of liquidity provisioning.
Can Bulls Drive Price Further?
At the time of writing, the price of XRP is trading at $0.48, up 0.14% in the last 24 hours as per data from CMC (NS:CMC). Moreover, the trading volume of XRP is down 22.49%. If the price manages to break above $0.51 then a further rally all the way till $0.55 is expected.
Source: CoinMarketCap
On the other hand, if the bears dominate and the price goes below the $0.47 support level, then a strong downturn is highly anticipated all the way till $0.33, which acts as a strong support level. Any positive or negative development in the ongoing SEC lawsuit will largely impact the impending direction of the price.