It’s been a wild few months for cryptocurrencies, and even more so for Ripple Labs’ XRP token. After reaching a yearly high of $1.83 on April 13, 2021, the price of XRP has since fallen by more than 54%.
However, analysts are now seeing signs that the payment protocol coin is preparing for a trend reversal, with bullish momentum on the rise. If this proves to be true, XRP could be ready to breakout of its downtrend sooner rather than later. So what’s behind this renewed optimism?
While Ripple’s legal battle with the U.S. Securities & Exchange Commission (SEC) isn’t over yet, based on the recent updates shared by Ripple’s defense lawyer, James K. Filan, next month could prove to be decisive for the long-running controversial case.
In fact, in another update to the Ripple legal case, Ripple Individual Defendants’ request for extension of time to file their answers, which are due no later than April 8, has been granted in a Text Only Order.
#XRPCommunity #SECGov v #Ripple #XRP The SEC's request for an extension of time was GRANTED in a Text Only Order. It stated: “The SEC shall inform the Court of its position on whether any additional discovery is required within a week of the filing of the Individual Defendants'
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) March 23, 2022
These updates have fueled a bullish sentiment among Ripple investors who are keeping faith that the lawsuit’s outcome will be in the company’s favor.
It goes without saying that by now most cryptocurrency holders are likely aware of XRP’s impressive 28% rally over the past month. Interestingly, however, many analysts believe that this could be only the beginning for XRP, with significant upside potential still remaining.
Technically speaking, the $39 billion market cap altcoin – currently changing hands at $0.83 – appears ready after this consolidation phase to take a breakout shot past the $0.88 key resistance level. A break above this area and a print above the $0.90 zone will confirm a resurgence of buyers and could lead to an increase in price to levels beyond $1.10.
On the other hand, in the event of a pullback, there is good support at $0.77 and $0.70 respectively. That said, Ripple’s price looks ready for the next move up.
Disclaimer: The information provided is not trading advice
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