The Ripple price retreated slightly on Wednesday morning as the recovery trade took a breather. XRP is trading at $0.4178, which is slightly below last week’s high of $0.4355. This price is about 24% above the lowest level in May, bringing its total market cap to about $20.1 billion. It remains about 78% below the highest level in 2021.
The XRP price has moved sideways in the past few days as investors continue watching the ongoing SEC vs Ripple case in the US. There have been no major movements in the case in the past few weeks. Still, investors believe that the outcome of the case will be positive for XRP price. The most likely outcome is that the judge decides to fine the company and its executives. In other words, the court will likely not declare the XRP token illegal.
A fine will be a positive thing for Ripple because it will let Ripple move on and focus on the business. In a statement in May, the company’s CEO said that they will consider taking the company public after the case ends. Doing so could value the company at over $15 billion. According to the CEO, the On-Demand Liquidity volume surged to $8 billion.
Ripple price prediction
The four-hour chart shows that the XRP price formed a falling wedge pattern in May. In price action analysis, this pattern is usually a bullish sign. The coin managed to move above the upper side of this wedge on Monday this week. It has risen above the 25-day moving average while the Relative Strength Index has moved below the overbought level.
The Ripple price has also formed what looks like a bullish flag pattern. Therefore, the price will likely have a bullish breakout as bulls target the resistance at $0.50. A drop below the key support at $0.40 will invalidate the bullish view.
