XRP Price Tacks on 11% as Bulls Hunt Conviction

Highlights

• The XRP price holding at the $0.52 level, but trading volume is lighter than usual.
• Blockchain pioneer Charles Hoskinson expects Ripple’s legal battle to end in June.
• A crypto compliance company is integrating ChatGPT into its off-chain research tactics.

The XRP price is hanging tough at $0.52 in what’s been a lackluster week for the broader cryptocurrency market. XRP is flaunting dominance, recovering ground and rallying 11% in the past week. XRP came extremely close to crossing the $0.53 level but the bulls haven’t quite been able to reclaim that area yet. Volume is lighter than usual at under $1 billion, so it will probably take only a small catalyst for conviction to return.

Chart analyst Leb_Crypto on Twitter outlined a couple of important XRP ranges to watch out for and what they could mean for the price of the No. 6 crypto. The analyst says that while XRP continues to hover below the $0.58 level, then $0.30 and $0.17 are in play. But if it manages to break to $0.58, it places $1 and $1.94 within range.

Presenting the most important #XRP ranges to pay attention to, along with my bull and bear targets

As long as $XRP is under $0.58 , then $0.3 and $0.17 are likely visited first before price uplift

Alternatively, breaking $0.58 leads to $1 and $1.94 within range#XRPCommunity pic.twitter.com/EqyHXcCU96

— LE₿ C®️YPTO (@leb_crypto) June 4, 2023

While the XRP price has advanced, the broader cryptocurrency market has been following bitcoin’s lead. Bitcoin is basically flat in the past week as it clings to the $27,200 area

XRP Grows More Mature

XRP in recent days celebrated its 11-year anniversary even as its issuer, Ripple, remains mired in a legal battle with the U.S. SEC. The court case has been dragging on for so long that other blockchain pioneers are beginning to weigh in.

Most recently, Charles Hoskinson, founder of the Cardano project, stated during a YouTube AMA he believes the Ripple case will come to a conclusion in June. Ripple CEO Brad Garlinghouse similarly believes it’s a matter of weeks, not months, before the federal judge makes her ruling.

Crypto Risk Management

While generative AI has taken some of the spotlight away from the blockchain, there is room for both. Crypto compliance company Elliptic has integrated ChatGPT into its off-chain research-gathering process.

The technology will augment the company’s manual efforts to “synthesize and organize intelligence on new risk factors in higher volumes and at a quicker speed than ever before,” according to the announcement.

As a result, crypto investors should have a greater idea of their risks than before.