XRP On Edge at $0.50: Will The SEC-Ripple Case Go To The Supreme Court?
XRP is flat at spot rates, and there are no signs that buyers will take over by breaking above immediate resistance levels. The zone between $0.46 and $0.51 is where most of the past day’s price action has been; a win for bears. This outlook is especially important considering prices are within the April 13 conspicuous bear bar. Nonetheless, buyers will find relieve if there is a confirmation of yesterday’s gains, driving the coin above $0.52.
At spot rates, XRP is, as mentioned earlier, steady, in the past day. At the same time, it is down 18% in the previous trading week. Although the selling momentum has slowed, bears are in control from a volume analysis.
The following XRP and Ripple news events are noteworthy:
- A former United States lawyer said the Ripple versus SEC case could move to the Supreme Court. This, the litigator added, will be necessary for the top judges of the land to determine what precisely makes a digital asset like ETH or XRP a security.
- Crypto, Brad Garlinghouse, the Ripple CEO, says the market will grow massively, doubling from the current valuation to reach $5 trillion by the end of the year. Even at this mega valuation, Garlinghouse thinks he’s being conservative.
XRP Price Analysis
XRP/USD remains under immense selling pressure.
Though XRP prices moved slightly higher on April 18, sellers are still in control.
In lower time frames, traders can watch the reaction at the current consolidation at $0.52 and $0.46.
A break below $0.46 is required for the bear trend to continue. In that case, XRP will likely fall, aligning with the drop of April 13. The next target will be $0.40.
Conversely, any uptick above $0.52 with rising volume might be the base for more gains towards $0.57 and $0.62.
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