XRP Struggles to Break Above $0.63, Finds Short-term Support at $0.60

• At the time of writing, XRP is trading at $0.6028, down 1.41% in the last 24 hours.
• If the price manages to climb above $0.61 level, then it will likely retest $0.63 resistance level.

In a few weeks after beginning beta testing, Ripple minted the first tokens of its forthcoming stablecoin, RLUSD, on Ethereum and the XRP Ledger. With the announcement of their new stablecoin, Ripple made their first foray into the $177 billion stablecoin market earlier this year. The token’s release was long overdue, said CEO Brad Garlinghouse.

In the worldwide markets, Ripple’s on-demand liquidity (ODL) solution—which uses XRP as a liquidity provider for quick cross-border settlements—has persisted despite the company’s four-year legal dispute with the US SEC. Several countries have reaped the benefits of Ripple’s ODL solution, including Japan and a few in the Middle East.

The crypto world is buzzing over a huge XRP transaction that happened not long ago. It seems like a new whale has emerged after transferring an incredible 99,225,384 XRP tokens. An anonymous wallet sent 99,225,384 XRP worth $61,644,558 to an unknown new wallet, according to Whale Alert.

Short-term Support Level at $0.60

With yet another failed attempt to break beyond the critical barrier of $0.63 on Saturday, Ripple’s native cryptocurrency XRP has been exhibiting significant price activity lately. On the other hand, there is a new short-term support for the XRP price at the $0.60 level. Analysts remain confident, despite the token experiencing rejection at $0.63 multiple times in the last month.

At the time of writing, XRP is trading at $0.6028, down 1.41% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 20.57%.

If the price manages to climb above $0.61 level, then it will likely retest $0.63 resistance level. Breaking above this level, will likely see price testing $0.65 mark. Conversely, if the price breaks below $0.60 level, then it will likely test $0.58 support level.