Following the contradictory decision of the judges concerning Ripple, uncertainty reigns around this cryptocurrency. Despite this, it is possible to envisage a rebound for Ripple from this support…
Ripple (XRP) is the subject of uncertainty
After a long legal battle with the SEC, Ripple partially won its case on July 13. On that date, Judge Analisa Torres ruled that XRP was not a security. However, this victory was recently contradicted by judge Jed Rakoff, who requalified XRP as Security.
This uncertainty around Ripple (XRP) has driven the token’s value down, with a 5% drop since August 2. This is also part of a broader context of correction that began in mid-July, with a total loss of 20% since the July 13 peak.
Possible scenarios for XRP price action
Currently stabilized around $0.6646, Ripple’s price is subject to different scenarios. If the SEC’s appeal is successful against Ripple (XRP), holders of the token could face difficulties. The 100% increase recorded on July 13 could even be reversed.
Conversely, if Ripple (XRP) gets a complete win against the SEC, a breakout above $1 would be possible. However, as long as the outcome of this affair remains uncertain, the correction that began on July 14 could continue.
Nonetheless, there are technical support levels that could trigger a rebound for Ripple (XRP), including the critical support at $0.5547. The 200 weekly moving average is currently near this level. Additionally, the RSI is showing an uptrend suggesting further upside.
Thus, this support represents an interesting buying zone in the event of a rebound. If Ripple’s victory is only partial, XRP’s price could revisit territory below $0.305.
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