- XRP price could continue its ascent after a strong flip of the $0.397 hurdle into a support level.
- The next stop for this remittance token is $0.464, but if momentum remains strong, it could tag $0.561.
- A breakdown of the $0.384 support level will invalidate the bullish thesis for Ripple.
XRP price has been consolidating for quite some time and has dug below crucial support levels but has recovered above it equally quickly. The last leg of Ripple has been an amazing sight to behold as it exploded swiftly and through many long-standing hurdles.
The beginning of the end for SEC vs. Ripple
Interestingly, the remittance token has remained strong despite the weak market structure, and this bullishness can be attributed to the ongoing developments in the SEC v. Ripple lawsuit. While both parties have filed for summary judgment, the defendants seem to be much more confident in the outcome.
This can be seen clearly as Ripple’s attorney Stuart Alderoty has been vocal about the lawsuit on Twitter. Additionally, the general counsel was joined by the company’s CEO, Brad Garlinghouse, as he stated that the SEC’s filings make it clear that they are not interested in applying the law but “want to remake it all in an impermissible effort to expand their jurisdiction far beyond the authority granted to them by Congress.”
Alderoty, on the other hand, stated that the SEC has been unable to “satisfy a single prong of the Supreme Court’s Howey test.” The Howey Test is how the regulators distinguish an asset as a security.
The latest development, however, is Ripple’s general counsel stating they feel “confident” and could be the start of the end for this lawsuit that has been ongoing since December 2020.
XRP price revels in happiness
XRP price has taken off after the last retest of the triple tap setup, rallying roughly 31% in about a week. This technical formation is similar to the triple bottom setup, but the only difference is that the 2nd tap deviates below the initially formed low.
This run-up in XRP price has sliced through the $0.384 hurdle and flipped the $0.331 to $0.464 range’s midpoint at $0.397 into a support floor. As mentioned in yesterday’s publication, the FOMC meeting caused Ripple to pull back to the $0.384 level and has since bounced 5.3%.
Going forward, investors can expect XRP price to sweep the range high at $0.464. But in a highly bullish case, the remittance token could extend to 20% higher to tag the $0.561 to $0.596 resistance area.
XRP/USDT 1-day chart
While things are looking up for XRP price, a breakdown of the $0.384 support level will indicate an inherent weakness in buyers. This development will also invalidate the bullish thesis and skew the odds in bears’ favor.
Such a move could see XRP price revisit the $0.360 support floor or $0.331 in a dire case.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?