Key Takeaways
- Despite earlier expectations for a favorable court decision, XRP remains range-bound between $2.13 and $2.36.
- Legal expert Bill Morgan highlights that Ripple and the SEC contribute to delays, prolonging uncertainty.
- Although XRP’s price has broken out of a wedge on the 4-hour chart, low volume suggests limited upside.
XRP’s price remains rangebound below $3 as the prolonged legal standoff between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) drags on.
Earlier in the week, it seemed that U.S. Judge Analisa Torres would pass a summary judgment in favor of the blockchain payment firm.
However, a decisive breakout has yet to materialize, leaving XRP’s price locked in a range. The token’s next move hinges heavily on the outcome of its ongoing legal battle.
This analysis reveals why reaching a final resolution is difficult and how this prolonged uncertainty suppresses XRP’s price.
XRP Gridlock Continues — Why
While the crypto community awaits a resolution to the legal battle, legal expert Bill Morgan has noted that both parties are contributing to delays in the summary judgment process.
“Ripple would not have filed an appeal on the institutional sales part of the summary judgment decision (although we cannot be sure). The parties would have just moved on based on the summary judgment and the final orders Judge Torres made,” Morgan stated on X.
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From a technical standpoint, XRP’s price consolidates within a symmetrical triangle on the daily chart. This pattern typically precedes a breakout, but the direction remains uncertain until a decisive move occurs.
Adding to the outlook, the Awesome Oscillator (AO) remains below the zero signal line, signaling that bearish momentum still dominates in the short term. However, the Chaikin Money Flow (CMF) offers a contrasting signal currently sitting above the zero line.
This reading implies a degree of buy-side strength, helping to balance the bearish momentum reflected in the AO.
XRP Price Analysis: Awaiting Breakout
Like the daily chart, the 4-hour chart shows inclination with XRP’s price. For starters, XRP has broken out of a falling wedge despite trading below $3.
This breakout should typically move XRP’s price higher with increasing volume. However, volume around the altcoin has not necessarily surged in the last few weeks.
Hence, the cryptocurrency has kept trading between $2.13 and $2.18. In line with this, the red line of the Supertrend has maintained its position above the current market value.
This position indicates resistance to cryptocurrency. If this trend continues, XRP may remain range-bound between $2.13 and $2.36.
If the SEC secures favorable rulings in the summary judgment, XRP’s price could face another downward pressure, potentially sliding below the $2.13 level.
On the other hand, a Ripple victory could inject renewed optimism and lead to a spike in trading volume.
In such a bullish scenario, XRP could break through the $2.66 resistance, opening the door for a rally above $3.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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