Category: Crypto News, News

Bulls Ready for Breakout Rally as Final Judgment Looms

By Published On: June 3, 20242 min readViews: 1850 Comments on Bulls Ready for Breakout Rally as Final Judgment Looms

XRP price prediction: XRP price has been marketed for some time now as the only digital asset with legal clarity and a real-world use case, but the price hasn’t been moving much. However, the crypto community is warming up to some news that may be positive for the asset’s price. XRP price traded around $0.51 during European trading hours on Monday, a 0.1% increase in the past 24 hours and a 2.4% decrease in the past 7 days. 

XRP Price Prediction: Can Bulls Score a 5% Rally Out Of This Falling Wedge? 

Ripple price has been in a falling channel for the past week, making lower lows and lower highs. The asset is also trending inside a larger consolidation zone that spans two months, indicating a struggle between bulls and bears. 

Additionally, the price of XRP is trending slightly below the 50-day and 200-day simple moving averages (SMA), further confirming the contention between bears and bulls. XRP price action hit the upper boundary of the range on May 21 and has been traveling downward since then to test the lower boundary.

However, the price action has formed a falling wedge and is approaching the end of the market structure. A breakout to the upside may result in a 5.8% rally, propelling the price above the consolidation zone.

If this happens, the XRP price may rise even higher and touch the previous high of $0.74. On its way up, the asset may experience strong resistance around $0.57 and some resistance around $0.66. In an inverse scenario, key support areas exist around $0.5, $0.48, and $0.46. 

XRP Price Increase Catalyst: Final Judgement on the Way

Last year, Judge Analisa Torres made a ruling in favor of XRP, and the price immediately surged close to $1. Recently, in a joint proposal to the Southern District Court of New York, Ripple and the SEC agreed on a timeline for filing and redacting briefs related to the upcoming remedies phase. On March 22, the SEC filed its opening remedies brief, to which Ripple countered on April 22. 

The coming days could be monumental for XRP price, as in the latest (May 8, 2024) SEC filing, Redacted Remedies Reply Brief, the agency has asked the court to “enter the Proposed Final Judgment as a Final Judgment.”

Bottom Line

The SEC lawsuit against Ripple, which began in December 2020, has had a big but negative impact on price. XRP price looks ready to break out, but the outcome wholly depends on the case outcome.

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