XRP Takes High Bets Amid SEC Lawsuit, Pay Attention To The $0.5 Price Zone

Key Points:

• XRP has formed a hard support area in line with the previously created bullish trend line.
• The $0.5 price zone is a confluence between buyers and sellers, so investors need to pay attention.
• Recent events between Ripple and the SEC make XRP a big bet.

This week’s XRP price pullback found instant support at an ascending support trendline. Currently, this is a very good-performing altcoin if investors bet on it.

The SEC’s case against Ripple was one of the first significant legal fights in the crypto sector, but subsequent actions against Coinbase and Binance proved the regulatory agency is in for a protracted struggle with numerous firms.

It is widely assumed that the Ripple XRP litigation gets relevant since the court might set a precedent for other current crypto lawsuits. But, analysts caution that the SEC may claim that the Ripple litigation was isolated and had nothing to do with the broader crypto industry.

Meanwhile, XRP holders are awaiting the Summary Judgement from Judge Analisa Torres, who gave the Daubert motion judgment more than 100 days ago. Yet, the extended wait for the final decision has had little impact on the XRP price, as the currency remains in sixth place among prominent cryptocurrencies with a market worth of $25.5 billion.

Buyers recently pierced the immediate barrier of $0.456 and gained fresh footing to move higher. Besides, this is the confluence of the bracing price zone that preceded the sell-off of XRP, causing it to create a new low higher than the old low in February, or more specifically, a bullish trend line.

This dynamic support has helped purchasers maintain a persistent bullish trend over the last three months. Also, the lengthy lower price rejection candle on June 16th demonstrates purchasers soliciting this currency during troughs, suggesting a greater positive turnaround.

If the daily candle closes above the $0.5 barrier, the positive momentum will increase, and the rebound rally may continue to the $0.55 resistance. Therefore, it can be said that $0.5 is an important confluence between buying and selling that investors need to pay attention to.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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