Ripple’s XRP price is regaining the lost momentum and rallying high in the past couple of days with a progress in the Ripple-SEC lawsuit. The price rallies considerably each time with a new update on the suit and hence jumped more than 10% recently.
Since the recent jump, the XRP price entered the consolidation zone and is trending sideways before the next leg up. Moreover, according to crypto analysts, Cryptobull2020, a huge move for the price is fast approaching within the current trading day.
Moreover, according to some reports, the SEC is scheduled to have a closed door meeting and Ripple’s lawsuit is expected to be the top of their agenda. The SEC chair Gary Genseler would head the meet and discuss the settlement, injunctive actions and resolutions. Therefore a lot of speculations of the settlement with Ripple is outspreading the crypto space. Hence, if the lawsuit moves in this direction, the price may hit $10 very soon.
Also Read: Ethereum Price Rally Continues , But What If A Pullback Becomes a Barrier?
XRP Price Analysis
XRP price had a remarkable week with a notable surge due to the SEC-Ripple update. The price surged to some extent and managed to trend above $1.5 till the press time. The price previously consolidated well for a speculated period of time and moved towards the north.
The pattern followed by the asset clearly manifests a huge jump incoming very soon. At the time of writing, the price stands at $1.54 with a slight pullback of 1.58%. Yet the past 24 hr change has plunged but the asset has rallied close to 25% in the past week.
Technical Specifications
- The resistance level for Ripple’s XRP price is at $1.61, where-in the price is rejected multiple times
- The support level is at $1.55
- The indicators for XRP price points out at a buy signal
