Ripple’s XRP Starts Tuesday on Bullish Foot: What’s Next?
Ripple's XRP is experiencing a bullish start to the day in early trading and remains in the green over the past week, marking more than 4%
Ripple’s XRP is experiencing a bullish start to the day in early trading and remains in the green over the past week, marking more than 4% gains over the past seven days. At the time of writing, XRP/USD is trading at around $0.67, continuing its bullish mood from the weekend.
On the legal front, expectations that the case between Ripple and the SEC could be settled before trial are on the decline for now, ever since the judge granted an extension of 60 days for the discovery phase. The lawsuit is unlikely to drive significant price action in XRP until the end of this stage.
Attorney Jeremy Hogan now anticipates that the soonest a settlement could possibly be discussed would be September, although it could very well extend into early next year. In case talks of a settlement fall through, the court could impose a fine on Ripple, allowing it to continue offering its XRP investors and keep its price support.
On the other hand, if Ripple loses the case against the SEC and is banned, the company could shut its US operations and register itself in an international location before it can resume offering XRP to investors again. In such an event, we could see Ripple’s XRP tumbling towards zero before picking up gradually once again.
Meanwhile, a leading crypto analyst and influencer Ben Armstrong has reasons to be bullish about Ripple’s XRP. On his YouTube channel BitBoy Crypto, he recently shared a video in which he discusses the future potential of the XRP, with central banks waiting to use Ripple’s technology for their CBDCs after its legal challenges are resolved.
Key Levels to Watch
On the four-hour chart of XRP/USD, most of the moving averages as well as the momentum indicator are exhibiting a bullish bias. However, the MACD points to some selling pressure as well.
XRP’s price is holding just below the pivot point at $0.68 and needs to break above this for confirmation of the bullish mood. Once this happens, keep an eye out for resistance at $0.74 and $0.79 before it can break past the key $0.80 level.
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