The final ruling of the Ripple vs SEC lawsuit has created huge waves of speculation which has in turn impacted the XRP price to a large extent. The price soared high by more than 55% after maintaining a consolidated trend for a few months.
The buying pressure mounted extensively which pushed the prices that were stuck just below $0.4 to as high as $0.58. However, after a giant price action, the prices are now consolidating but sustaining along the gained levels.
Besides, the market participants continue to remain bullish on XRP as Ripple is believed to win the lawsuit while the CFTC tagged the token as a commodity. Hence a steep upswing may lead the price to soar beyond $0.7 in the coming days.
Meanwhile, the price has already made a retest to the immediate support and bounced back which increases the possibility of a bullish breakout.
While it faced a rejection previously at the resistance of $0.5321, the XRP price currently rebounded from the same regions, transforming it into support. The rebound further substantiates the claim of a notable upswing.
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The next target could be to achieve levels around $0.6 and the further range high to hit $0.65. However, a crucial resistance lies around $0.69 which may pave way for a larger price action, if secured within the current cycle.
In the meantime, the possibility of ‘buy the rumor, sell the news’ may also happen as has been witnessed in history. Therefore, until the final ruling if the lawsuit appears, the price is believed to remain within the elevated range post to which the trend remains misty.
Source: https://coinpedia.org/price-analysis/ripplexrp-price-stuck-around-0-54-are-bulls-driven-away-or-preparing-for-the-next-gaint-leap/