In the ongoing legal saga between the crypto exchange Ripple Labs and the U.S. Securities and Exchange Commission (SEC), the fate of the popular cryptocurrency XRP hangs in the balance. As the SEC’s lawsuit against Ripple gains momentum, a prominent lawyer has outlined what he believes could happen if the regulatory agency emerges victorious. Deaton, the founder of Crypto Law, suggests that Ripple will emerge victorious in the case however, if SEC wins, Ripple will appeal, and the status duo will continue for the next 2-5 years.
In a recent tweet, crypto analyst Ali shared an optimistic prediction for the Ripple (XRP) cryptocurrency:
#Ripple | The TD Sequential presented a buy signal on $XRP 3-day chart.
— Ali (@ali_charts) July 10, 2023
Still, #XRP must hold above $0.45 to surge to $0.51. Note that slicing through $0.51 could trigger a breakout to $0.60. pic.twitter.com/lGSzlf8Sxh
According to financial expert Ali, XRP enthusiasts have reason to rejoice as the buy signal flashes on the horizon. However, there’s a catch. For XRP to maintain its upward trajectory, it must firmly hold above the crucial $0.45 mark.
The stakes are high, as breaching this crucial support level could pave the way for XRP to soar to a remarkable $0.51. Ali explained that breaking through this resistance barrier could trigger a powerful breakout, propelling Ripple’s digital asset to a staggering $0.60.
The Ripple community eagerly awaits the outcome as investors and traders closely monitor the charts. If XRP manages to hold strong above $0.45 and surges past the $0.51 mark, it could usher in a wave of positive sentiment and potential profits for those involved in the cryptocurrency market.
XRP, currently ranked as the 6th largest cryptocurrency by market capitalization, is trading at $0.4763 with a 24-hour price change of 1.95%, according to the data from CoinMarketCap. XRP has recently exhibited a relatively stable price trend, with minor fluctuations within a defined range. Identifying key support and resistance levels is important to gauge the potential price movements.
The immediate support level for XRP could be observed at around $0.4668, which has acted as a floor for the price during the last 24 hours. If the price experiences a decline, further support might be found near $0.45 and $0.42. On the upside, XRP faces initial resistance near the $0.48 level. A break above this level could open the doors for a potential rally toward higher resistance levels, such as $0.50 and $0.55.
The current short-term trend of the cryptocurrency is indicated by the 50-day moving average (MA), which is around $0.45. On the other hand, the overall trend of the cryptocurrency is signified by the 200-day MA, an important long-term indicator, which sits around $0.40. The relative strength index (RSI) for XRP is around 50, indicating a balanced market sentiment between buyers and sellers.
