Ripple’s XRP coin has shown some recovery this week. The leading cryptocurrency is up 3.65% for the week. The rebound in Ripple price comes after five consecutive weeks of downtrend. Most other altcoins are also experiencing minor gains on the weekly timeframe.
The native asset of the Ripple ecosystem saw a temporary surge after the parent company’s win against the SEC in July 2023. However, it ended up being a purely speculative play as the short-term traders took profits above $0.92. Consequently, the price tanked 45% and the coin now trades at $0.51.
XRP Gets Removed From DFS Greenlist
Ripple’s legal tussle with the regulators seems to have no end. In the latest development, the digital asset has been removed by the New York Department of Financial Services (DFS) from its approved greenlist. However, XRP was not the only asset removed, as Dogecoin and Litecoin also didn’t make it to the list.
The updated greenlist includes only Bitcoin, Ethereum, and a few centralized dollar-pegged stablecoins. The move will likely affect the crypto businesses operating in the jurisdiction of DFS while also impacting the XRP price in the long term.
Ripple Price Remains In Uptrend
The XRP to USD chart shows that the price is holding itself above the upward trendline despite intense selling in the last two months. The local bullish market structure is also intact on the weekly timeframe, which started in June 2022. Ripple price prediction will remain bullish for me as long as it holds the $0.41 level.
$0.92 Remains The Biggest Resistance
The biggest resistance on the higher timeframe is the $0.92 level, from where the price was rejected in July 2023. A clear break above this level may push XRP towards $1.35, which is the next supply zone on the high weekly and daily timeframes.
Update On The Ripple vs. SEC Case
According to the latest updates, the timeline for the decision on the SEC’s appeal request against Ripple is approaching. The regulator intends to appeal against the 13 July court decision which was in favor of Ripple. In case of acceptance of the request, the crypto company might have to face another long legal battle.
The sideways XRP price action can be attributed to the SEC’s appeal request which is awaiting a decision by the Judge Analisa Torres. However, the coin holders remain optimistic about the outcome as the regulator’s nose is bleeding after multiple court losses against the crypto companies in the past few months.
The Bitcoin price needs to break above $30,000 for bullish price action in the altcoin market. Until then, I don’t expect any altcoins to do very well, as the markets remain in in fear.
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Source: https://www.analyticsinsight.net/ripple-price-prediction-ongoing-xrp-slump-could-be-transitory/