XRP price directionless, Ripple ruling at risk of being thrown out as it faces rejection by two federal judges.
Ripple ruling, which labels XRP as a non-security in secondary sales, is at risk of being thrown out.
XRP may be declared as an unregistered security after two federal judges scoff at Ripple ruling from July 2023.
XRP price resists decline below the psychologically important $0.60 level.
Ripple (XRP) ruling from July 2023 differentiates between XRP secondary market sales and institutional sales of the token by Ripple. Per the July ruling by Judge Analisa Torres, the altcoin is identified as a “non-security” in transactions on exchanges.
The ruling is in jeopardy as two federal judges have thrown out Judge Torres's application of the Howey Test to XRP, and American Journalist Charles Gasparino highlights the incoherence.
Technical analysis: XRP price rangebound above key psychological level
Ripple price has been consolidating between a tight range, $0.9380 (July 13, 2023 peak) and $0.4226 (August 14, 2023 low) for over 460 days. The development has resulted in a flip of the $0.67 support level into resistance for the altcoin.
Currently, XRP price is trading above the psychologically important $0.60 level, the weekly Relative Strength Index (RSI) is above 42 for over a year, hinting that buyers remain in control of Ripple. The Awesome Oscillator (AO) is hovering above the zero level, its green bars consecutively taller, suggesting that there is a dominant bullish momentum in the altcoin.
XRP price is likely primed for a recovery to the year-to-date peak of $0.7440 (March 11, 2024). This is roughly 16% away from the current price of $0.6233.
There is a likelihood of a recovery in XRP price however traders need to watch Bitcoin price for cues. A Bitcoin price correction could jeopardize altcoin gains and take XRP and other large market cap tokens down with it.
In the downside scenario, XRP price could tumble to the January 28 low of $0.4853 (a crash of nearly 20%) or the weekly support level at $0.4117.
