Ripple vs SEC Case Update: XRP Price Prediction

Cilinix Crypto posted a video where a crypto analyst presented the latest updates about the ongoing Ripple and Securities and Exchange Commission (SEC) case.

A crypto analyst has shared the latest updates regarding the ongoing Ripple and Securities and Exchange Commission (SEC) case and discussed the potential price direction for XRP.

Recent Developments and Slow Price Action

The analyst begins by discussing the recent news of XRP’s “mini victory” on August 7th, which was met with surprisingly lackluster price action. According to the analyst, a proper bullish scenario for XRP would involve the complete conclusion of the case, ultimately setting Ripple free.

“The victory here is that the case will continue, but SEC can’t really talk about XRP being a security anymore. This will allow Ripple to focus on building strong fundamentals through partnerships. They can also potentially hire a different market maker. Although there was an initial spike, the price of XRP has been consolidating between $0.55 and $0.62 since then.”

Critical Date: October 7th

The main update from the analyst is that investors should keep an eye on October 7th, which is the main deadline for the SEC to appeal the ruling. According to the analyst, if there is no appeal by that date, then Ripple can completely have its freedom. This could also be a major bullish catalyst for further price growth.

XRP Price Technical Analysis

Moving on to the technical analysis, the analyst begins on the weekly timeframe, where he suggests a potentially bullish outlook, with XRP slowly breaking above $0.65. However, he quickly points out that the current price action and open interest remain flat, indicating no immediate signs of bullish momentum.

“On the weekly timeframe, we can see that XRP is slowly breaking above the $0.65 level. However, if we look closely, the price action and open interest are both flat, indicating no immediate signs of bullish momentum.

From the daily perspective, we can see that XRP has been consolidating within a narrow range for the past few weeks. The $0.54 to $0.55 level has been acting as strong support, while the resistance at $0.62 has not yet been broken.

Overall, the technical analysis suggests that XRP could potentially build up bullish momentum as the October 7th deadline approaches. However, we are not expecting any major bullish spike until the October 7th deadline date.”

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