XRP Extends Boring Range As Ripple Battle with US SEC Takes an Exciting Turn

XRP is in green, defying the current bear trend in Bitcoin and Ethereum. Although gains are not sharp or extended as expected, the coin is up from June lows, pushing gains registered in late June. As it is, the bears of April and May are still in the picture. However, going by recent trends, sentiment could easily change should prices break $0.50 and, most importantly, $0.52 in the coming days, preferably this week.

As traders strive for a moonshot, XRP bulls have a lot to demonstrate to the community. Firstly, the coin’s price action has been largely horizontal over the past day and week, indicating stability. The coin has shown a consistent performance, with a 1% increase yesterday and a similar margin over the previous seven days. This stability is further supported by the gradually rising engagement, currently standing at around $920 million. Based on historical data, this engagement is likely to surge if prices experience a significant rise or fall, breaking out of the current consolidation.

XRP and Ripple traders are tracking the following developments:

• In the ongoing court case pitting Ripple versus the United States SEC, it looks like the blockchain company has refused a reduced settlement offer. Earlier, the agency wanted Ripple to pay $2 billion, reducing the amount to $102 million, which Ripple is now rejecting.
• On July 1, Ripple unlocked 1 billion XRP. However, what’s different this time is that the release was accompanied by a cryptic message, drawing the attention of traders and community members.

XRP Price Analysis

XRP/USD remains in range, per the formation in the daily chart.

At spot rates, it is up nearly 5% from June lows.

Nonetheless, the coin remains within a bearish formation.

The immediate resistance level lies at $0.52 and $0.55.

As long as prices are below these levels, every high may offer entries for sellers targeting $0.46.

Conservative traders can choose to exit, waiting for a breakout above $0.55 or below $0.46 before riding the trend.