The asset crashed to $0.30 today in a shocking price dip before rising above $0.33.
XRP currently targets the territory above $0.35 following a flash crash earlier today. The asset looks set to end its two-session-long losing streak.
It has gained 1.6% in the past 24 hours. The favorable performance follows a bearish start to the day, as it crashed to $0.3000 at 1:00 AM (UTC), dipping by over 10% before summarily bouncing back. The last time XRP visited the $0.3000 level was in June last year.
A seasoned crypto analyst highlighted the shocking movement, claiming it could be a liquidity grab. Some individuals attributed the drop to the XRP tokens recently unlocked from escrow accounts. In two transactions yesterday, Ripple unlocked 900 million XRP tokens from escrow accounts.
At its current value of $0.3428 as of press time, XRP has scaled through the pivot point at $0.3378 and conquered the first crucial resistance sitting at $0.3404. The asset’s rally occurred in under an hour following a sharp surge in trade volume. XRP is currently holding a delicate position above the second significant resistance at $0.3424, and a sustained momentum is likely to push it through the third considerable resistance at $0.3469. The market will likely see $0.35 come into play once XRP can conquer the third resistance point.
XRP’s volatile price action comes amidst the uncertainties surrounding the SEC vs Ripple case, as XRP investors look forward to a court ruling in favour of the latter. While such a court ruling is the crypto community’s wish, most proponents believe the case will end in a settlement.
Notwithstanding, attorney John Deaton does not share in this belief, as recently reported. He believes the legal battle will close with a court ruling based on several indications, including but not limited to the lack of relevance of the Hinman documents to the court’s summary judgment decision.
Despite the prevalence of remarks on the case, investors remain guarded in their investment decisions regarding the asset as the trajectory of the case is likely to trigger sharp volatility, which could either lead to massive gains or losses. The next court session for the case is on January 4.