The post Will Ripple vs. SEC Lawsuit End in August and Propel XRP Price? appeared first on Coinpedia Fintech News
In a turbulent crypto market and prolonged bloodbath, XRP has emerged as a notable exception. Daan Crypto Trades, a crypto trader and investor, highlighted XRP’s resilience over the past week, noting its strength despite the broader market downturn. Daan sheds light on pivotal scenarios that could sway XRP’s performance in the months ahead.
Frontrunnooors trying to get $XRP exposure before the lawsuit gets closed officially. Expected somewhere in August.Doubt we’d see a giant candle like we saw last year but should still give a decent pop upon a positive closure.Likely some sell the news after. https://t.co/b5cEXWqsvP
— Daan Crypto Trades (@DaanCrypto) July 30, 2024
XRP Price Poised for a Rally – How and When?
While many cryptocurrencies have experienced significant declines, XRP has managed to hold its ground, hovering around the $0.6 resistance area. XRP’s price has been stuck in a symmetrical triangle, trying to break through the upper resistance. The bulls seem ready and waiting for a strong push to move beyond this key range. However, the resistance zone between $0.67 and $0.71 has remained untouched for a few months, indicating that the bulls are in a prolonged accumulation phase.
One key observation from Daan is the negative shift in XRP’s funding rate. This change often precedes a price increase, suggesting that XRP might be poised for a potential rally in August. The coin’s unexpected strength has led to speculation about possible insider activity driving the price stability.
Current XRP Price Analysis
Moreover, the weekly 200-day MA at $0.6006 is offering a strong base for more than a week, which suggests a breakout may be on the horizon. With this, the price is expected to reach $0.65 in no time, followed by a quick jump above $0.7. And if the bulls hold the rally above these levels amid the growing bearish activity, a rise to $0.75 could be imminent, which could be extended to $0.8. Yet touching the $1 mark is not in sight.
Good Time to Buy, Hold or Sell?
Another significant factor in XRP’s recent performance is the ongoing Ripple vs SEC legal battle. With the lawsuit expected to conclude in August, there has been a noticeable rush among investors to gain exposure to XRP before the official resolution. Daan anticipates that while a massive price surge like last year might not occur, a positive outcome could still provide a decent price boost for XRP. However, he also warns of a “sell the news” scenario, where the price may drop following the positive news.
Overall, XRP’s current market behavior and the anticipation of the lawsuit’s closure make it an interesting cryptocurrency to watch in the coming weeks.
