Ripple price (XRP/USD) has immensely underperformed as compared to other altcoins in the last few years. The reason is the ongoing Ripple vs SEC lawsuit, which is nearing its judgement. The outcome of this judgement will decide the future of XRP price, which is currently trading 89% below its all-time high of $3.40.
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On Thursday, Ripple is showing a sideways price action as Bitcoin price is struggling to break $25,000. This price level has become a major obstacle for the biggest cryptocurrency by market cap. Nevertheless, XRP/USD showed minor gains till the start of the London session and was trading 1.34% above yesterday’s closing.
XRP News Today
According to the most recent Ripple news, the company is showing insane resilience in its lawsuit proceedings. As per a former member of the SEC advisory committee, the top US regulator underestimated Ripple. J.W. Verret shared his view during a YoutTube interview with John E. Deaton. Nevertheless, Ripple price has still suffered a lot since the lawsuit began.
“I don’t think they saw that coming, and I think they probably expected there would be a settlement,” the law professor said. “I think they underestimated the fight inside of Brad.”
J.W. Verret – Former Member SEC Advisory Committee
In his view, the Securities and Exchange Commission was expecting a settlement instead of a prolonged legal battle. This was a miscalculation by the regulator as the Ripple CEO Brad Garlinghouse had a lot of ‘fight’ in him. The project is also one of the most well-funded in the industry, as it is still the 6th biggest cryptocurrency in terms of market cap.
Furthermore, the company’s policy director for APAC, Rahul Advani, has recently said that the outcome of the ongoing Ripple vs SEC case won’t affect the firm’s global operations. This is because 90% of Ripple operations fall outside the US jurisdiction.
Ripple Price Forms Symmetrical Wedge Pattern
AS evident from the following chart, XRP/USD has formed a symmetrical triangle pattern. This pattern shows indecision and often results in a major move in case of a breakout. The downward trendline of this pattern has been acting as a resistance to the price since May 2022. Similarly, the bottom of this triangle acts as a strong support.
If we assume the upcoming judgement of the lawsuit to be in the favor of Ripple, then Ripple price prediction will become very bullish. In such an event, the XRP price will break out in the upward direction.
This breakout can take the price to retest the September 2022 high of $0.56. I won’t expect the price to stop until it tags the 0.618 fib retracement level that lies at $0.68. If the Bitcoin price happens to be trading above $25,000 by then, Ripple might soar above $1 as well.
This post was last modified on Mar 16, 2023, 10:18 GMT 10:18