Ripple is preparing to file a cross-appeal in its ongoing legal battle with the SEC, ahead of the SEC’s own appeal, which is expected soon. Ripple’s Chief Legal Officer emphasized that this move is strategic, ensuring all important aspects of the case are covered while maintaining the ruling that XRP is not a security. Despite these legal developments, the price of XRP has remained relatively stable. But is a significant rebound on the horizon?
After a recent decline, XRP has been trading within a tight range between $0.53 and $0.52. A recent upswing pushed the price above this consolidation level, with XRP now nearing $0.54. Technical indicators are signaling potential bullish momentum, suggesting that the price could soon surpass $0.55. However, there may be some challenges ahead.
XRP is currently struggling to break through a key resistance level at the 200-day moving average (MA) of $0.5427. The MACD indicator shows a reduction in selling pressure, hinting at a possible bullish crossover, while the RSI has rebounded, signaling that the market is gaining strength. On the other hand, the Ichimoku cloud remains bearish, and the Bollinger bands indicate a bearish divergence.
Given these mixed signals, XRP’s technical outlook is uncertain, with both a bullish breakout and a bearish downturn possible. The low trading volume adds to the uncertainty, making the next few days critical. A move above the 200-day MA could trigger a strong upswing for XRP.
Despite a 7.6% drop over the past week, investor interest in XRP has surged following the conclusion of Ripple’s legal case. Many investors view this dip as a buying opportunity, with analysts predicting that XRP could break through key resistance levels if market conditions remain favorable.
