Since July 13, Ripple has been in an aggressive bullish move, rising by 21 per cent. However, following yesterday’s surge of 6.5 per cent, today’s trading session has entered a price correction and is already down by 1.5 per cent.
Ripple has been drawn into a battle with the U.S. Securities and Exchange (SEC) for the past few months, which has played a part in its decline. According to the lawsuit, the SEC accuses the Ripple platform of illicit XRP sales. The lawsuit pointed out that Ripple sold roughly $1.4 billion in XRP tokens as securities.
According to the latest reports, the Ripple CEO has already indicated the platform’s willingness to leave the U.S. market if the case goes against them. The CEO expressed these sentiments in an interview with Protocol, although he did indicate he was optimistic that the jury would rule in their favour.
However, despite assurances, some of the biggest holders of the XRP tokens appear to be in a sell-off mode. This includes Ripple’s co-founder Jed McCaleb, who Ripple confirmed this week that he had sold all his Ripple holdings. Although McCaleb has been selling his holdings for years, the latest dump of all his assets could still be interpreted by some Ripple investors as not having faith in the upcoming jury ruling against the SEC.
Despite the fundamentals being gloom for Ripple price, I still expect the trend that has resulted in over 20 per cent price surge in one week to continue. We are highly likely to see prices continue to rise and possibly hit the $0.41 price level. The intraday trading data also shows the prices are in a bullish move, and there is a high likelihood that today’s session will finish with the markets being bullish.
However, should the prices drop past the $0.33 price level, then my analysis will be invalidated. It will also mean a possible bearish trend.
This post was last modified on Jul 19, 2022, 13:52 BST 13:52