XRPhas maintained a downward trend since it peaked close to the $2 mark on April 12, 2021. Ever since the eight-largest cryptocurrency has only but struggled to pull off a steady bullish recovery above the $1.3 level.
Interestingly, XRP trades within a converging neutral wedge as the SEC lawsuit drags on. That said, a conclusion of the case, said to occur in April or May this year, should have a significant impact on the price of this asset. Many have proposed that a close of the case in favor of Ripple Labs, which continues to look very likely as the days go by, could catapult the price towards the $3 mark.
However, until the end of this drawn-out lawsuit, I do not expect to see any meaningful bullish moves for XRP in the medium term. With that, all eyes should remain on the SEC lawsuit for a possible breakout for XRP in the coming months.
Meanwhile, my resistance levels are $0.8000, $0.8250, and $0.8500, and my support levels are $0.7500, $0.7300, and $0.7000.
Total Market Capitalization: $2.08 trillion
Ripple Market Capitalization: $37.5 billion
Ripple Dominance: 1.80 %
Market Rank: #8
Interestingly, XRP trades within a converging neutral wedge as the SEC lawsuit drags on. That said, a conclusion of the case, said to occur in April or May this year, should have a significant impact on the price of this asset. Many have proposed that a close of the case in favor of Ripple Labs, which continues to look very likely as the days go by, could catapult the price towards the $3 mark.
However, until the end of this drawn-out lawsuit, I do not expect to see any meaningful bullish moves for XRP in the medium term. With that, all eyes should remain on the SEC lawsuit for a possible breakout for XRP in the coming months.
Meanwhile, my resistance levels are $0.8000, $0.8250, and $0.8500, and my support levels are $0.7500, $0.7300, and $0.7000.
Total Market Capitalization: $2.08 trillion
Ripple Market Capitalization: $37.5 billion
Ripple Dominance: 1.80 %
Market Rank: #8