XRP Is All Set To Make A 180 Flip! Will Ripple SEC Lawsuit Initiate A Fresh Uptrend For XRP?
XRP price has kept traders and investors on the verge of volatility as the trend creates confusion in the crypto space with concerns regarding the controversial central banks. Market experts believe that a sudden change in the monetary policy from the Bank of Japan and responses from European Central Bank (ECB) official Villeroy may develop a shockwave as the XRP token is not immune to it.
However, the lawsuit against the SEC may favor Ripple as US attorney John Deaton has criticized predictions on SEC’s victory.
XRP Price To Experience A Gradual Rise In Recovery Trend
Ripple’s high-profile war against the SEC has gained support from leading market influencers, including Coinbase and the crypto lobbyist group Blockchain Association. However, the native token XRP is trying to spark a downward retracement as the choppy price action seems to bring multiple hurdles in the price chart.
A prominent crypto analyst, Trading Surfers, predicts an exponential upward rally for the XRP token if it validates specific price points. According to the analyst, XRP has been waiting for one year for a bounce off the critical level of $0.34.
The analyst noted that XRP might initiate a slow increase on its Elliott path to $1.5 if it breaks above the $0.38 price zone. However, at a lower degree, XRP may again bring bearish woes with a downward journey to $0.18 if it crosses below the price range of $0.34-$0.38.
Will XRP’s Bulls Give Up Amid FUD Situation?
While the crypto market is still enjoying a bull run, XRP’s price brings fear among altcoin traders as the token struggles to hold its price near the 200-day simple moving average. However, the trend of XRP has not been much volatile compared to other altcoins in the market, but it hints at a 25% sideways movement.
According to CoinMarketCap, XRP currently trades at $0.3897, with a surge of over 2% in the last 24 hours. The Stochastic RSI has pulled itself down to a stable region near 72 as the RSI-14 drops to 61, signifying a continuous bullish trading session. Looking at the daily price chart, XRP has again built support at $0.37 after a rejection below the EMA-200 trendline.
XRP has room to spike if the current bearish sentiments regarding central banks fade away. If XRP continues to climb to its 23.6% Fib retracement and makes a breakout trade above $0.41, it can lure bulls to increase buying pressure and push itself to its Bollinger band’s upper limit of $0.45.
However, the above bullish analysis may get rejected if the support at 200-day SMA does not hold. A trade below the EMA-20 trend line may slump the XRP token to the bottom levels of the descending weekly RSI at $0.31.
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Shayan is a digital nomad and a professional journalist. He delivers high-quality engaging articles to Coinpedia through his in-depth research and analysis.