Institutional adoption of the XRP Ledger (XRPL) has been steadily growing, yet the sixth largest digital asset, XRP, finds itself navigating through a potentially difficult period. Over the past two weeks, the XRP market has experienced a bearish sentiment, with hourly time frames showing lower highs and lower lows.
Furthermore, XRP’s trading volume has notably decreased as bullish attempts to surpass key resistance levels around 54 cents have encountered hurdles. As a result, XRP price could fall further in the coming days, especially if the United States SEC keeps on its hawkish crypto regulatory stance.
Nonetheless, the final XRP fate has been vested in the United States District Court Judge for the Southern District of New York, Analisa Torres, who will decide if the digital asset is a security or not.
XPR Price Analysis
According to a popular YouTube crypto channel with more than 150k subscribers, Cheeky Crypto, the XRP market faces a significant resistance level below 50 cents. As a result, the analyst expects the XRP price to continue falling toward 46 cents to collect more liquidity.
Notably, the Stochastic RSI in a 14 lookback period, which basically tells traders the strength of the momentum based on the volume behind it, provides crucial information about demand-based analysis. In the XRP US dollar 2-hour derivative chart, the analyst noted that the Stochastic RSI shows the demand is approaching the overbought region, which signals an incoming price reversal.
