Ripple (XRP/USD) price is behaving exactly as mentioned in our previous XRP price prediction. The speculation on the Ripple vs SEC case caused the price to surge 43% in March 2023. However, the price failed to reclaim its September highs and had a pullback. Within the last four days, the coin has lost 12% from its March highs.
On Monday, Ripple XRP price is showing minor losses after a slight recovery on Sunday. Till press time, the digital asset is trading at $0.516 after losing 0.50% during the first trading session of the week. Most of the other altcoins are also trading sideways as Bitcoin price crawls back above $28,000 once again.
According to many industry analysts, the judgment of the SEC’s lawsuit against Ripple is very close. Considering the court proceedings and the arguments from both parties, many analysts are predicting a win for Ripple. While the ruling can still go either way, many traders have taken the opportunity to load up their XRP bags below $0.50.
This has led to a massive surge in Ripple price, which soared to its new YTD highs in March 2023. In other Ripple news, the company’s Chief Executive Officer and the Chief Legal Officer both are not happy with the SEC’s approach towards crypto regulations. Ripple CEO Brad Garlinghouse took to Twitter to urge government officials to take notice of Gary Gensler’s actions.
The XRP chart shows a massive increase in volume in the past few weeks. This indicates a significant increase in investor interest before the SEC ruling. After a breakout from the symmetrical wedge pattern on the daily chart, the price is forming the same pattern on the lower timeframe.
On a daily timeframe, Ripple price prediction is still looking bullish. However, on the 4H chart, the XRP price can drop to $0.475 before reversing. This price level comes into play due to the symmetrical wedge breakdown and the 0.618 Fib retracement level.
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This post was last modified on Apr 03, 2023, 10:43 BST 10:43