Ripple (XRP) price is following the same trajectory as mentioned in my last week’s analysis. XRP price retested its 200 MA on the daily chart a few days ago and had a strong bounce. The latest analysis reveals that the price may soon retest the $0.71 level if its breaks above a key level on its chart.
On Friday, cryptocurrencies remained sideways as BTC price kept on trading close to its Monday lows. Nevertheless, the XRP price still managed to rise 0.91%. It remains 20.7% down from its yearly high of $0.58, which was achieved in March 2023.
Major Development In Ripple vs SEC Lawsuit
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. This week started with a major win for Ripple as the judge denied the SEC’s motion to seal Hinman’s speech.
This was taken as a major win for XRP in its court battle against the top regulator. Ripple price has been in a slump since SEC’s lawsuit against it. The US Securities and Exchange Commission accused Ripple of selling unregistered securities.
Ripple Price Needs To Reclaim $0.485
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, the latest development in the court has resulted in a strong rally. The price appears to be heading for a retest of the $0.485 resistance.
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, bulls need to break above the $0.485 resistance to target more upside. In this scenario, $0.71 will be a valid price target in the short term.
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