XRP Price on the Brink: Lawsuit Resolution and Breakout Looming
XRP bulls are gearing up for a potential breakout as the long-awaited Ripple vs. SEC lawsuit nears its final judgment. The price of XRP has been stagnant for some time, caught between the ongoing legal battle and a wider market consolidation. However, recent developments suggest a turning point could be on the horizon.
The SEC has filed its final reply brief, requesting the court to finalize the proposed judgment. A positive ruling for Ripple could trigger an 8% surge in XRP price.
Recent whale movements of 80 million XRP alongside massive escrow inflows and outflows add intrigue to the future price trajectory.
XRP/USD Technical Analysis
Although some indicators hint at a potential breakout, others suggest a possible downtrend. The price is currently trading below key moving averages. XRP has been stuck in a consolidation zone for two months, indicating a struggle between buyers and sellers.
XRP’s price movement suggests a falling wedge formation, which often precedes a breakout. A successful breakout could propel the price above $0.57 and potentially reach $0.74.
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