As a seasoned crypto investor with a keen interest in XRP, I’ve been closely monitoring its price action and following the latest developments in the ongoing SEC lawsuit against Ripple. The recent news that the SEC has asked the court to enter the Proposed Final Judgment as a Final Judgment is certainly positive for XRP bulls.
Analysis of XRP pricing: The value of XRP has been touted as distinct due to its legal clarity and practical applications in the market for quite some time. Yet, its price hasn’t shown significant movement. However, recent news has sparked optimism within the crypto community that could potentially boost the asset’s price. During European trading hours on Monday, XRP was priced at roughly $0.51, representing a 0.1% growth in the last day and a 2.4% decline over the previous week.
XRP Price Analysis: Can Bulls Score a 5% Rally Out Of This Falling Wedge?
Over the past week, the value of Ripple has been following a downward trend within a channel, marked by successively lower lows and lower highs. This pattern suggests ongoing selling pressure, as the asset is also currently confined to a broader two-month long trading range. The struggle between bullish and bearish forces is evident in this consolidation phase.
As a crypto investor, I’ve noticed that the price of XRP is currently hovering slightly below its 50-day and 200-day simple moving averages. This indicates ongoing price volatility as bulls and bears continue to battle it out in the market. The price reached the upper limit of its range on May 21, but since then, it has been making its way downwards to test the lower boundary.
The price pattern has developed into a falling wedge shape, which is nearing its conclusion. If this pattern breaks to the upward side, it could trigger a significant price surge of approximately 5.8%. This surge might push the price beyond the current trading range.
As a researcher studying the price trends of XRP, I’ve noticed that if this asset continues to climb, it could potentially reach new heights and surpass its previous high of $0.74. However, during its ascent, it may encounter significant resistance around $0.57 and some moderate resistance at $0.66. Conversely, should the price take a downturn, crucial support levels can be found near $0.5, $0.48, and $0.46.
XRP Price Increase Catalyst: Final Judgement on the Way
Last year, Judge Analisa Torres handed down a decision benefiting XRP in the Southern District Court of New York, causing the price to nearly reach $1. More recently, Ripple and the SEC reached an accord regarding the submission and redaction timelines for their briefs during the upcoming remedies phase. On March 22, the SEC submitted its opening brief for remedies, promptly followed by Ripple’s response on April 22.
BREAKING RIPPLE VS. SEC NEWS:
The SEC has filed, under seal, its remedies reply brief & supporting exhibits.
The documents concerning XRP, as of now, remain private and will be made publicly available only after the redaction process is completed by May 8, 2024.
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@barbie_xrpie) May 30, 2024
Over the next few days, the price of XRP could experience significant changes based on recent developments. In a SEC filing dated May 8, 2024, under the title “Redacted Remedies Reply Brief,” the Securities and Exchange Commission requested the court to approve the proposed final judgment as a final judgement.
BREAKING RIPPLE VS. SEC NEWS:
The SEC has filed its redacted remedies reply brief & supporting exhibits.
„For these reasons, the Court should enter the Proposed Final Judgment as a Final Judgment.”
Final judgement on the way! #Ripple..
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@barbie_xrpie) May 31, 2024
Bottom Line
As an analyst, I’ve observed that the SEC’s lawsuit against Ripple, initiated in late 2020, has cast a significant and largely unfavorable influence on XRP‘s price movement. Currently, XRP hovers near a critical support level, hinting at a potential breakout. However, it’s essential to note that the final price direction will heavily depend on the resolution of this ongoing legal battle between Ripple and the SEC.
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2024-06-03 09:48