XRP Price Holds Strong, Set to Breakout as Ripple vs SEC Lawsuit Nears End

In a turbulent crypto market and prolonged bloodbath, XRP has emerged as a notable exception. Daan Crypto Trades, a crypto trader and investor, highlighted XRP’s resilience over the past week, noting its strength despite the broader market downturn. Daan sheds light on pivotal scenarios that could sway XRP’s performance in the months ahead.

We’re just getting started. Here’s a deeper dive into these insights.

XRP Price Poised for a Rally – How and When?

While many cryptocurrencies have seen sharp declines, XRP has managed to maintain its position, hovering around the $0.60 resistance level. The price has been caught in a symmetrical triangle pattern, trying to break through the upper resistance. The bulls seem prepared for a strong push to move past this crucial range.

However, the resistance zone between $0.67 and $0.71 has remained steady for months, suggesting that the bulls are in a prolonged accumulation phase.

Rally on the Cards?

Daan has noted a negative shift in XRP’s funding rate, which often signals a potential price increase. This suggests that XRP might be set for a rally in August. The coin’s surprising strength has led to speculation about possible insider activity keeping the price stable.

Additionally, the weekly 200-day moving average (MA) at $0.6006 has been providing strong support for over a week, hinting that a breakout might be near. With this support, the price could soon reach $0.65, potentially jumping above $0.70. If the bulls can sustain the rally above these levels despite increasing bearish activity, a rise to $0.75 could be on the horizon, possibly extending to $0.80. However, reaching the $1 mark is not yet in view.

Buy, Hold, or Sell?

Another important factor in XRP’s recent performance is the ongoing Ripple vs. SEC legal battle. With the lawsuit expected to wrap up in August, investors are rushing to buy XRP before the official resolution. Daan predicts that while a massive price surge like last year might not happen, a positive outcome could still provide a decent price boost for XRP. However, he also warns of a “sell the news” scenario, where the price might drop after the positive news breaks.

Overall, XRP’s current market behavior and the anticipation of the lawsuit’s conclusion make it a cryptocurrency worth watching in the coming weeks.