XRP price coils up for 25% breakout as Ripple bulls issue ‘hurry-up signal’ to Judge Torres
- Ripple price has taken a step back amid speculation of a court judgment in early April.
- XRP could explode 25% to $0.653 if the judge rules against the SEC.
- A daily candlestick close below the $0.443 support level would invalidate the bullish thesis.
Ripple price (XRP) has engaged the low gear as anticipation for the ruling in its legal battle against the Security and Exchange Commission (SEC) heats up. The remittance token had rallied amid the alt season hype, recording multi-month highs as chatter indicated Judge Torres, who is overseeing the case, would issue her ruling early April. Notably, a ruling in favor of Ripple could see Coinbase crypto exchange relist XRP.
XRP price prepares for a breakout
XRP price is trading at $0.530 at the time of writing as bulls await the catalytic effect of a ruling in the Ripple vs. SEC case. Should the judge rule in favor of Ripple, the remittance token could see an influx in buyer momentum that could see the altcoin record more gains for investors.
An increase in buying pressure from the current price could see XRP price break above the immediate resistance at $0.560 before an escalated rally north to tag the next obstacle at $0.604.
In highly bullish cases, XRP price could rise as high as the $0.653 resistance level, reposting the May 2022 highs right before Do Kwon’s Terra Luna empire crumbled. Such a move would denote a 25% increase from the current price.
The bullish case for XRP price is supported by a golden cross on the daily chart, which was authenticated when the 50-day Exponential Moving Average (EMA) crossed above the 200-day EMA around $0.412. A golden cross indicates a long-term bull market going forward and occurs when a shorter-term moving average crosses above a longer-term moving average.
Most traders associate the occurrence of a golden cross with a buy signal. Should they heed this call, XRP price could resume its uptrend.
XRP/USDT 1-day chart
Conversely, if traders play it safe amid anxiety about the case outcome and sell their holdings, XRP price could plummet rapidly. Notably, an adverse ruling would be the ideal trigger for a massive sell-off.
In such a case, XRP price could plummet below the immediate support level at $0.515 before a retracement to the $0.477 and $0.443 support levels. A daily candlestick close below the latter is where investors’ hope for a rally would fall apart.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
