XRP Price Attempts Bullish Decoupling Amid Major Developments
02 Julio 2024 - 7:30PM
NEWSBTC
The XRP price continues to remain suppressed under the heat of the
Ripple vs. the United States Securities and Exchange Commission
(SEC) legal battle. This suppressed price action has continued to
discourage investors when its comes to the altcoin. However, not
everyone has succumbed to the bearish pressure, as crypto analyst
RLinda believes that the XRP price could be attempting a decoupling
that could lead to a price breakout from here. XRP Price Decoupling
Could Trigger Price Crypto analyst RLinda has forecasted a bullish
picture for the XRP price where the altcoin could completely break
out of its sluggish movement. The analysis which has now spanned a
number of a days flows through XRP’s performance over the last year
and how it has suffered crashes even when others in the market were
reaching new all-time highs. Related Reading: Analysts Says Cardano
Has Bottomed And Will Rally To $0.8, But It Must Hold This Level
While the coin continues to be bogged down by the Ripple vs. SEC
battle, crypto analyst RLinda believes that the XRP price could be
reaching a possible decoupling. She explains that this is happening
not just technically but fundamentally as well. A possible
decoupling is bullish for the XRP price, given that it would be the
start of a major price rally. Using the 1-Week chart, the crypto
analyst highlights some technical developments that could be
important to this possible decoupling. The first of these is that
XRP is still testing the “Wedge resistance with the aim of breaking
it.” Also, RLinda points out that volatility is decreasing as the
consolidation is continuing at this point. However, this
consolidation could be the reason that the price begins another
rally. As for where the price could go from here, the crypto
analyst points out that it could possibly rally as high as $0.6265
and even reach $0.73 by the time it is done. However, XRP must hold
the support level at $0.4637 while breaking the resistances being
mounting at $0.4962 and $0.5720. Factors Holding Price Down While
XRP price continues to be one of the most popular cryptocurrencies
in the market, a number of factors have suppressed. The major one
is the lawsuit mentioned above. Even though Ripple has scored
multiple victories against the regulator during this time, the fact
that the lawsuit is yet to be officially over continues to present
a major hurdle. Related Reading: Crypto Analyst Predicts 45% Drop
For Bitcoin, But Says It Won’t Go Below This Level In her analysis,
RLinda points to these issues as being behind the price not
performing well. However, Ripple CEO Brad Garlinghouse has said
that he expects the lawsuit and settlement to be complete by the
end of this summer. This puts it sometime before September. If this
happens, then it would mark a pivotal point for the turnouts in the
XRP price. “The Ripple vs. SEC case is a pivotal moment for
cryptocurrency regulation, as a final victory would be a strong
green sign for the entire cryptocurrency community amidst the SEC
getting a number of restrictions on its activities lately due to
overstepping its authority,” the analyst said. Featured image
created with Dall.E, chart from Tradingview.com
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