XRP, the fifth-ranked digital currency which has fallen victim to the ongoing lawsuit battle between the United States Securities and Exchange Commission and the San Francisco-based cross-border blockchain payments decacorn Ripple, has seen a sudden spike in its price value today due to which the digital currency has taken a hold over its psychological level of $0.30.
After trading in the range between $0.24 and $0.28 for the last few weeks, Ripple’s native cryptocurrency has once again started flowing in the upward direction. On the 19th of January, the price value of XRP recorded positive gains while pulling out of the bearish sentiment. The price of the coin has surged by more than 10 percent within the duration of the past 24 hours.
This short-term price rally pushed the value of the coin upward to reach the $0.32 mark. It has now once again regained support at the $0.30 level, which is said to be a crucial level for the coin. XRP’s price is steadily turning extremely bullish. This slight recovery towards $0.30 is the major sign of it. At the press time, XRP’s price is trading at the level of $0.30 with a positive price increase of more than 7% in the past 24 hours, as per the data from CoinMarketCap. The fifth-ranked cryptocurrency is also showing bullish gains when analyzed on a weekly basis.
In the form of this price rally, there is something for the holders of XRP to cheer up as they became disappointed and lost hope after the price of the coin crashed following the news of a lawsuit which was filed by the US SEC against the remittance payments firm Ripple alleging that it has made profits worth $1.3 billion by selling unregistered securities. This lawsuit led a lot of major crypto exchanges to halt the trading of the remittance coin, including Binance US and Coinbase.
Now, this price behavior has reignited a little bit of hope among the investors of XRP, indicating that it can recover to its 2020 highs from where it dropped down to the $0.18 level.