- Summary:
- XRP price is fighting for traction to build the momentum to the upside, but a lot depends on the SEC case. Here's how it could play out.
XRP price traded sideways on Tuesday, struggling to replicate the success registered on Monday, but on the cusp of a potential breakout to the upside. The XRPUSD pair traded at $0.5684 at the time of writing, marginally up by 0.1 percent from its level in the previous 24 hours. The XRP community is counting on a breakthrough in the SEC vs Ripple case, with speculation rife over a potential settlement.
The Federal Court fined Ripple $125 million after Judge Analisa Torres concluded her ruling in August, but there has been scanty information on whether or not the fine has been made. The two parties have until early October to appeal the ruling, but previous court decisions have tilted the case largely in favour of Ripple up to this point. That has generated hope amongst XRP holders that a settlement could be imminent.
Despite facing unprecedented legal pressure in the history of cryptocurrencies, XRP has been resilient, with relatively low volatility, but maintaining its stay among the top 10 most valuable assets. Therefore, a win or a settlement in the SEC case could potentially trigger an explosion in the XRP price and potentially tow the rest of the crypto market with it.
XRP price prediction
The XRP price momentum has been on the upside momentum, as evidenced by its stay above the middle Bollinger Band. Notably, it has moved above the psychological round figure mark at $0.5700, and it will likely move on an upward trajectory if it stays above that mark.
On the 30-minute chart below, the momentum calls for continuation of the upside above the pivot mark at 0.5700. In that case, we will likely encounter the first resistance at 0.5740, but extended control could power a break above that level to test 0.5770.
Conversely, moving below 0.5700 will favour the sellers to take control, with the first support likely to be at 0.5670. If the downward momentum strengthens, it could enable a breach of the first support and extend the downside to invalidate the upward narrative and test 0.5637.
