bullish

<ul>
 <li>At the time of writing, XRP is trading at $0.5684, down 5.12% in the last 24 hours.</li>
 <li>The price recently broke below the support level of $157.</li>
</ul>
David Schwartz, chief technology officer of <a href="https://thenewscrypto.com/ripple-clo-calls-on-kamala-harris-to-intervene-against-sec-actions/" target="_blank" rel="noopener noreferrer nofollow">Ripple</a>, has tweeted more details on XRP Ledger’s (XRPL) clawback feature. The significance and utility of this feature have been clouded by Schwartz’s recent insights, which have contributed to the ongoing debate within the XRP community.
Schwartz claims that fixing errors in the ledger is the main goal of the clawback feature. He went on to remark that the ledger is inherently flawed if a digital asset stands in for a legal duty and the token suggests that the obligation exists despite the legal system stating otherwise.
As it gets ready for what may be an unprecedented price spike, XRP, one of the leading altcoins, is garnering a lot of market interest. Following a positive legal development that bolstered the asset, XRP’s 20% spike has piqued the curiosity of investors once again.
On its monthly chart, a bullish triangle formation is beginning to form, adding to the optimism around XRP. Technically, this pattern indicates that there will likely be large price fluctuations. It is characterized by trendlines that are merging inside a continuing uptrend.
<h3 class="wp-block-heading" id="h-key-support-level-broken">Key Support Level Broken</h3>
More and more buyers are seen in the pattern, and <a href="https://thenewscrypto.com/ripple-xrp-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">XRP</a> has a decent shot of breaking out above the upper trend line, which would cause a significant price spike. However, the price has been facing a brief decline.&nbsp;
At the time of writing, XRP is trading at $0.5684, down 5.12% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 11.31%. The price recently broke below the key support level of $0.57. The price will now likely test $0.50 support level. However, if the price climbs above $0.60, then it will likely retest $0.64 resistance level.

XRP Faces Substantial Decline Post Failing to Clear Above $0.64 Mark

Table of Contents

TheNewsCrypto

Other articles published on Aug 11, 2024

Trump's Crypto Plans, Gaetz's El Salvador Proposal, And More: This Week In The Cryptocurrency World

5 Best Cheap Cryptos To Buy Under 1 Cent Today, August 10 – Liquid Staking Derivatives, Pepe, Alc...

Bitgo Transfers Control of WBTC to Joint Venture with BiT Global

Chainlink CCIP Goes Live on Metis: Unlocking New Cross-Chain Possibilities

Binance Reclaims $73M in Stolen Funds With 2024 Blockchain Breakthrough

Binance Labs' New Investment: What is Particle Network?

Join our free newsletter for daily crypto updates!