XRP faced a sharp rejection just as it appeared ready to break higher, with analyst EGRAG CRYPTO highlighting the impact of fresh legal developments between Ripple and the SEC.
A joint status report filed by Ripple and the SEC with the Second Circuit Court requested a pause on appeal proceedings. The delay stems from a pending motion in district court, pushing the timeline for a decision out to August.
According to EGRAG, the timing couldn’t have been more disruptive for XRP bulls. A sharp red candle formed on the 12-hour chart, signaling a breakdown just as price action was poised for a breakout.
Institutions May Use the Delay to Accumulate
EGRAG suggests that this delay could ultimately prove bullish. With the price hovering near the $2 zone, major players may now have more time to position themselves. The analyst advises patience, emphasizing that adapting to regulatory delays is part of navigating the XRP market.
A chart shared by EGRAG shows XRP retesting key support after its failed breakout, with the next move hinging on legal clarity and broader market response.
Kosta Gushterov
Reporter at Coindoo
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Source: https://coindoo.com/market/xrp-price-rejected-after-sec-appeal-delay/