Deconstructing the XRP Price Prediction
Rebounding to $1: A close look at the daily chart shows the XRP price sitting on top of the immediate support provided by the 50-day Exponential Moving Average (EMA) at $0.6223.
Struggling to Push Through: The token is struggling to push through resistance highlighted by the 38.2% Fibonacci retracement level. Two key moves would decide where XRP heads to this week.
Overcoming Resistance: With a break above the immediate resistance at $0.6256, traders would find the token attractive, especially for scalping opportunities. This buying pressure from traders and investors will likely propel XRP above the next key hurdle at $0.7.
Ripple’s SEC Lawsuit Update and Impact on XRP Price
No Settlement Yet: Although there were no updates regarding the ongoing lawsuit between Ripple and the US Securities and Exchange Commission (SEC), the hope for a suitable settlement kept the price buoyant.
Case Progress: The SEC has since the first ruling, which determined that program sales of XRP did not constitute security tokens, came out on top to the extent the regulator dropped the charges it had filed against the company’s top executives, Chris Larsen and CEO Brad Garlinghouse.
Hope for Settlement: The case is expected to go to trial, but there’s hope for a favorable settlement. Investors are likely to remain on the edge with XRP amid worry about the SEC appealing the programmatic XRP sales ruling following either the settlement or the trial.
Hot Take
Ripple’s ability to win the ongoing case could see investors continue to retain interest in the token with the hope of seeing an explosive bull run, reclaiming the all-time high of $3.4.
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