The latest market data shows XRP making gains, with the price up 1.18% over the past 24 hours to $0.7112. The trading volume over the past day totaled $1.70 billion, showing significant interest in the asset. Over the past week, XRP has seen a 12.12% decline, but over the past month it is up 47.25% and up 72.17% over the past 6 months, highlighting the volatility and potential for major price swings.

Looking at the longer term price action, it seems XRP may be settling into a new trading range after the sizable gains earlier this year. The key support and resistance levels to watch will be the 1-month low around $0.48 and the 1-month high around $0.77. Breaking above $0.77 could signal a resumption of the uptrend, while a drop below $0.48 would likely lead to a retest of the 2023 lows around $0.33.

Should You Buy XRP Now?

With XRP still down significantly from its all-time high near $3, there is likely more upside potential in the long run. However, in the short term, uncertainty remains high and further volatility is expected. Dollar cost averaging may be prudent for long-term investors, while traders should wait for a definitive breakout above resistance before entering new long positions.

What's Next for XRP This Year?

Given the strong gains earlier in 2023, some consolidation or even a deeper pullback may occur before XRP embarks on another major bull run. Much depends on Bitcoin's price action as well as progress on Ripple's legal case with the SEC. If these factors turn favorable, XRP could potentially challenge the $1 level later this year. However, the crypto markets remain fragile so a drop back towards the 2023 lows is also a possibility.