After dropping from a September high of $1.4 and testing support at $0.92, Ripple is now hovering around $1. Ripple pricing hit a new high of $1.42 on September 6, but was unable to hold the level, as it was followed the next day by a market-wide crash. XRP lost more than 20% of its value as a result of the sell-off, but it managed to stay above the $1.05 support level.
In the United States, a lawsuit to classify XRP as a security token is still pending. The Securities and Exchange Commission (SEC) has been granted access to internal papers by Ripple in order to construct a comprehensive response.
XRP price analysis:
After a few days of consolidation, the XRP price was able to break over this barrier and begin an uptrend. Ripple will reach the $1.23 resistance level if it rises 10% from its current position. At the time of writing XRP is trading at $1.10.
If this barrier is turned into a support level, the XRP token will be able to reach the range high of $1.42. In an extremely bullish scenario, the price of XRP might spread out its ascent to retest the $1.66 and $1.83 ceilings.
Cutting through resistance might send this token to new all-time highs, but losing the underlying support barrier could lead to a drop to $0.85 or possibly $0.70.
Network activity gains traction
The optimistic thesis remains true when considering the growing number of active addresses on the XRP network. Approximately 6,700 addresses are connecting with the network, up 394 percent from the previous week.
A rise in the number of active wallets is usually accompanied by a rise in the price. Still, to understand where XRP is headed next, a prolonged candlestick close outside the $1.72 to $1.00 price range is required.