By Shelly Melancon (Switzerland)
After 2 days of sharp declines, Ripple (XRP) looks to have ceased bleeding. A bullish uptrend has formed in what appears to be a trend turnaround. Can it recover quickly after falling at the beginning of the week? Details follow, but here are a few essential points first.
Following the 2 days of severe losses, XRP attempted to test $0.5 again. However, the coin was turned down at that value and subsequently dropped 10% in value. This week, XRP will retest $0.5 as bulls look for greater demand.
Is Ripple Making a Comeback?
Cryptocurrency is currently experiencing a dead cat bounce. It’s not uncommon for currencies to rebound following crashes, to plummet again. XRP’s effort to break through the $0.5 barrier seems like a dead cat bounce.
Due to the currency being strongly rejected in this effort, it may be inferred that there is now very little demand for it. Furthermore, the total sentiment in the cryptocurrency market hasn’t shifted significantly. While we predict XRP to achieve $0.5 in the next few days, it is quite likely that the token will fail once more.
Also read:Even though XRP rose beyond $0.5, it nevertheless faces significant challenges. The price movement is struggling to keep any sustained upward momentum. Because of these factors, the short-term forecast for XRP remains gloomy.
The Q2 of 2022 was expected to give a much-needed boost for cryptocurrency. However, market sentiment has still not turned dramatically in the positive direction. As a result, XRP is expected to see considerable volatility through the end of June. However, long-term benefits could still be substantial by the end of 2022.
Ripple Will Challenge the Blocked Memos
XRP has lost approximately 25% of its value during the last seven days as the entire cryptocurrency market has fallen. Amid the unprecedented drop, John Deaton contrasted the attitudes of UST and LUNA investors.
He stated that whenever the SEC prosecuted XRP and its officials, the price of XRP plummeted. It resulted in widespread liquidation, and many people lost their life savings due to the catastrophe. People who invested in the “crap currency” even labeled themselves foolish.
According to sources, to counter the SEC’s request for Hinman records, Ripple Defendants plan on replying on May 13th. According to the SEC, the attorney-client privilege protects memoranda connected to Hinman’s infamous remark. The SEC’s reaction to the Ripple Defendant’s answer would be delivered on or before May 18th.
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