Ripple has been facing strong resilience against an uptrend in recent weeks. This uptrend was further inhibited by the recent crash in the crypto market, leading to significant losses after bitcoin slumped to below $30K. However, the market has made some slight gains, and with those gains, XRP has recovered by a small margin.
XRP is trading at $0.548 at the time of writing after a 3.4% gain in 24 hours.
XRP Price Analysis
The 3% price gain in XRP prices might push the token towards breaking beyond the $0.55 resistance. Since the beginning of June, XRP has been on a descending price, which led to a retreat below the 2019 highs.
The market support could fail again, in which short-term traders will sell, which will test the strong support at $0.50. This could be followed by stronger bears that could retest more lows of $0.47.
However, on the other hand, the current market support could continue, in which case XRP will test the first resistance at $0.55. A strong bull run could push the resistance further towards $0.62 and $0.70. A bull run like the one recorded in April towards $1 will only happen if the entire market picks a bullish trend.
The case against Ripple could soon be thrown out of the window because of the recent statements made by two commissioners of the US Securities and Exchange Commission (SEC). The two commissioners, Hester Pierce and Elad Roisman, were not pleased with the recent Coinschedule settlement.
Pierce and Roisman stated that they were disappointed with the settlement, given that the SEC failed to clarify which digital assets touted by Coinschedule were securities. The writing reads in part that the omission is “symptomatic of our reluctance to provide additional guidance about how to determine whether a token is being sold as part of a securities offering or which tokens are securities.”
Ripple wants to use this statement to file a case for dismissal for the Ripple lawsuit. On Monday, Ripple’s executives, Garlinghouse and Larson, picked out parts of the commissioners’ statements to file the motion for dismissal. If the case is dismissed, it will be a big win for Ripple and XRP.
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