XRP Will Fly Above $0.74 If Ripple Lawyers Win versus SEC
XRP is, as expected, flat at press time. Prices are still moving inside a tight trading range, and bulls are still expecting a breakout. Though there are flashes of strength, primarily driven by fundamental factors, the absence of buy momentum in the daily chart should worry optimists.
XRP is stable in the daily and weekly charts. Still, prices remain inside the bull bar of March 11 and moving sideways. For the uptrend to continue, buyers must see sharp gains above $0.66. Triggers will likely stem from participation. Currently, trading volume remains muted, falling 10% in the past 24 hours. The contraction has also seen the market cap drop by 4%.
The following news developments might rejuvenate bulls in the coming sessions:
- The United States SEC has asked the presiding judge to make a final ruling against Ripple. Notably, the regulator insists the blockchain company violated existing securities laws and should pay a hefty fine of nearly $2 billion.
- David Schwartz, the CTO of Ripple, now thinks it is virtually impossible for someone not to sell XRP even if they wish to continue holding. Ripple has been selling the coin to cover operation costs.
XRP Price Analysis
From a top-down preview, the path of least resistance is bearish.
Still, even with XRP/USD being bullish in the immediate term, buyers must break out convincingly.
A key zone traders should watch for now is how prices react within the $0.66 to $0.74 area. A convincing breakout might send the coin to $0.84 or higher, invalidating sellers.
However, if XRP fails to generate momentum, collapsing below the $0.57 to $0.59 support, the odds of further losses to $0.50 won’t be discounted.
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