XRP Mega Consolidation Continues: Will The SEC Decision On Ethereum Boost Prices?

XRP is flat at press time, following a period of inactivity after yesterday’s close. Even though Ripple traders closely follow fundamental events, price action is also crucial. Thus far, prices are still moving horizontally, inside an extended range from April. Although the confidence is high, bears dominate, and it could get worse for the coin should there be a firm bear push below $0.45 in the days ahead.

Currently, XRP is stable but bearish. Because of the tight price action, participation is down, falling below $1 billion in the previous trading day. Technically, sellers will remain in charge even if prices rise above $0.50. What’s needed for a shift in trend is a determined push above $0.55, ideally backed by sharp rising volume.

 Ripple and XRP traders should closely monitor the following news:

• Legal analysts now claim the decision by the United States SEC to stop their investigation of Ethereum 2.0 is a huge boost for XRP. Even so, the trading community is closely tracking how the court will rule. Most importantly, eyes will be on the penalty the blockchain company must pay.
• Brad Garlinghouse, in a swipe against the United States SEC, said Ripple only works with regulators. Therefore, in his view, it was absurd for the agency to target what he said is the “most legit company in the entire market.”

XRP Price Analysis

XRP/USD continues to move horizontally but inside the bear bar of June 18.

Technically, bears are in control despite the attempts for higher highs.

Considering the extent of this consolidation, traders may choose to wait for a clean break before committing.

As reiterated, the immediate resistance is at $0.55 and marks the upper limit of this range.

Conversely, the lower end is the support from $0.46 to $0.48.

Any drop or expansion above these levels might define the medium-term trend.

However, as things stand, bears have the upper hand, meaning XRP could, after all, drop to $0.40, mirroring losses of mid-April.