Ripple Price Forecast: XRP is Still in Consolidation Mode

The Ripple price is wavering today as traders look for more information about the ongoing SEC lawsuit against Ripple Labs and its leaders. The XRP is trading at $1.0365, where it has been in the past few trading sessions. It is also about 58% above the lowest level on May 21.

What happened: Ripple has lagged other cryptocurrencies in the past few trading sessions. While the XRP has jumped by 3.8% in the past 24 hours, other tokens have risen like Dogecoin and Binance Coin have risen by double digits. 

Ripple traders are still focusing on the ongoing lawsuit that SEC filed against Ripple. In submissions yesterday, the SEC asked the judge to give it more time to continue with its investigation. Precisely, it requested the judge to extend its deadlines for both fact and expert delivery by another 60 days.

Ripple Labs rejected the claim, saying that it means the SEC spent more than 2-and-a-half years was not enough to find evidence. The regulator has also enjoyed about 6 months after filing the suit to conclude the investigation. A few months ago, the same judge rejected the SEC’s requests to access bank account transactions of the two defendants. So, what next for Ripple prices?

Ripple price analysis

The four-hour chart shows that the XRP price has been in a tight range recently. The currency has struggled to move above the important resistance level at $1.0972, which was the highest point on June 1. The coin is also slightly below the 38.2% Fibonacci retracement levels. It is also slightly below the 38.6% Fibonacci retracement levels. 

Therefore, the pair will likely remain in the current range in the near future. Any move above the resistance at $1.0972 will mean that there are enough buyers in the market. This could see it keep rising to the resistance at $1.3146, which is about 26% above the current level.

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XRP price chart

Ripple Price

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