- XRP price witnessed a recovery from the recent pullback after the defense team of lawyers submitted a response to the SEC’s Hinman brief.
- XRP price has witnessed a trend reversal and wiped out losses over the past few weeks despite bearish indicators.
- Analysts are bullish on XRP recovery, and predict a comeback in the altcoin.
XRP price rally has helped the altcoin recoup its losses over the past few weeks. Key technical indicators in XRP continue to remain bearish, however, the progress in the SEC vs. Ripple case has fueled a bullish sentiment among investors.
Ripple set to rally with positive developments in the lawsuit
XRP price has plummeted 27% over the past week as a bloodbath hit the crypto market. Altcoins and meme coins suffered massive losses after Terra’s UST crash.
In the SEC’s proceedings against Ripple, the defendant’s lawyers have filed a response to the protected emails of the former director of the division of Corporation Finance, William Hinman. The regulator has requested for Hinman emails to remain under wraps; these emails were covered by the attorney-client privilege.
The response filed by the payment giant’s lawyers has fueled a positive sentiment among investors and the altcoin, XRP, is on track to continue its recovery.
Bob Mason, a leading technical analyst, evaluated the XRP price trend and predicted that the altcoin would need to move through the pivot at $0.43 and target the first significant resistance at $0.50. With broader crypto market support, Ripple price can break past $0.45.
The analyst expects XRP to extend its price rally and test resistances at $0.59 and $0.60 in its upward climb. If the XRP price fails to push through the pivot, it remains at risk of plummeting to $0.34. XRP could plunge to sub $0.34 and drop as low as $0.27 if bears take control of the altcoin.
@BONTESA_, a crypto analyst and trader, is bearish on the altcoin. The analyst holds the opposite view and argues that XRP is well on its way to $0.23.
$XRP Weekly perfectly on it's way to $0.23— SB INVESTMENTS (@BONTESA_) May 14, 2022
Once $BTC has it's next leg down xrp will easy follow to our next weekly & monthly closure support at $0.23.
This week we fell 42% so another 45% is very doable from current prices. Volume profiles most volume sits at $0.21 so it aligns pic.twitter.com/xFh5GwXg2I
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