Ripple (XRP) price is behaving exactly as I predicted in my last month’s article. XRP price retested its 200 MA on the daily chart a few days ago and had a strong bounce. Our analysis reveals that bulls are still very much in the game despite a 29% pullback from yearly highs.
On Wednesday, cryptocurrencies rebounded after the release of the April 2023 CPI report. Bitcoin price soared above $28,100, which led to positive price action in altcoins. Consequently, the XRP price also rose by 1%. However, the price still remained far away from its weekly highs.
The Ripple vs SEC lawsuit has been one of the hottest topics in the crypto industry. For the past three years, the top cryptocurrency has been battling the top US Securities and Exchange Commission. SEC has accused Ripple of offering XRP as an unregistered security.
Neverthelesss, the latest court proceedings show that the case is very close to its judgment. In the recent proceedings, Ripple appears to have the upper hand in the case. Ripple price has been in a slump since SEC’s lawsuit against it. More recently, Ripple CEO Brad Garlinghounce was seen debating with a top VC on Twitter about XRP’s status as a security.
A first look at the XRP price chart suggests that the price has been in a significant downtrend since hitting its yearly highs in March 2023. However, a closer look reveals that the bulls are still pretty much in the game. This is because the price hasn’t made a lower low on the daily timeframe.
The price has also successfully retested the 200-day moving average. As long as the price remains above 200 MA, Ripple price prediction will remain bullish. However, there is still a possibility of another retest of the $0.40 level to fill the technical imbalance on the chart. This could be a nice buying opportunity but the stop loss must be a daily closure below 200 MA.
To remain updated on the latest developments in Ripple vs SEC lawsuit, you are also welcome to join my free Telegram group.
This post was last modified on May 10, 2023, 14:42 BST 14:42