My last week’s Ripple (XRP) price prediction has played out almost perfectly. I predicted the XRP price to reverse from $0.475, and it bounced off the $0.48 level. Since the bounce doesn’t appear to be supported by strong momentum, there is a higher probability of another pullback. The following Rippe XRP analysis reveals why I’m still bullish on the coin.
Crypto prices are trading sideways this week as BTC appears to be in a prolonged consolidation. XRP price has also been trading sideways for the past few days in a very tight range. On Monday, Ripple showed minor gains of 0.06% and was trading at $0.505 during its London session.
According to the latest Ripple XRP news, an SEC expert has acknowledged the fact that from 2018 onwards, Bitcoin and Ethereum are the major factors affecting Ripple price action. This goes against SEC’s own argument, which emphasizes that XRP value is affected by Ripple’s actions.
However, pro-XRP lawyer, Bill Morgan, said that SEC might be right in arguing that the investors currently buying the coin have expectations from the company, like it winning against SEC. In a recent interview, John Deaton, who’s representing XRP holders, said that the court ruling could be expected by May 6.
The symmetrical wedge pattern that has been repeatedly mentioned in my previous updates resulted in a massive breakout, as evident from the following chart. Currently, the XRP price is in a consolidation which usually succeeds in such breakouts. The ongoing correction appears to be a healthy pullback as the direction of momentum is still upwards.
My Ripple price prediction will remain bullish as long as the price keeps trading above the 200-day moving average. This indicator currently lies at $0.41. Therefore, any pullback within the next few days might present a good buying opportunity. However, the possibility of an unexpected outcome of the Ripple vs SEC lawsuit must also be kept in mind.
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This post was last modified on %s = human-readable time difference 10:38