XRP In Focus: Prices Choppy—Will Bears Take Over?

XRP prices are choppy but bulls have a chance. From the daily chart, prices swung lower in the Asian and remains under pressure in the European session. There have been no notable price gains, filtering through price action in lower time frames.

As it is, the sixth most valuable coin is steady in the last 24 hours but up 14% in the past week of trading. The flat price action hasn’t affected its position in the market cap ranking, as coin trackers show. At sixth, XRP is trailing Solana and BNB but is ahead of Cardano and Dogecoin.

At current valuation, XRP also trails Shiba Inu and Dogecoin, two leading meme coins that are up 272% and 85%, respectively in the last week of trading.

While confidence reigns, it is not immediately clear where the coin is headed. The ongoing case pitting Ripple and the United States Securities and Exchange Commission (SEC) is a huge hurdle for bulls. In recent developments, the presiding judge gave SEC lawyers more time to prepare their remedy-related briefs. It is also likely that Ripple lawyers will take more time to prepare. As such delays are expected as the court case grinds on.

Overall, the case seeks to clarify whether or not XRP is an unregistered security as the agency claims. In a July 2023 ruling, a judge ruled that programmatic sales of XRP were not securities. However, when sold directly to institutions, then the coin qualified to be a security.

XRP Price Analysis

The medium to long term trend is bullish. The coin has resistance at around $0.66. If broken, XRP will likely continue grinding higher, targeting $0.72. This preview is possible considering that bars are aligning along the upper BB, clear in the daily chart, a net bullish for optimistic traders.

In the short-term, XRP/USD traders are watching the $0.622 to $0.634 support. On the upper end, resistance is at $0.647. A break in either direction will shape the short-term day trend. If buyers take over, XRP could reach $0.66. Conversely, losses below $0.622 may force the coin to $0.60.