Ahead of the one-year anniversary of the SEC complaint against Ripple, the XRP price has been stuck in a narrow range. Bulls appear to have returned to the scene, and a surge in buying pressure is now predicted.
XRP Price Action
For a long time, the XRP coin price has been contained, and a breakout above it has triggered a favorable rise in investors. The value of the XRP asset is currently near its key level of $0.9. The asset is currently trading below key support levels and might shortly break out to new highs.
The bulls broke over the $ 0.88 barrier after a breakout of the ascending triangle on December 8, but the price rapidly went below it and is currently at $0.85.
At the time of writing the XRP is trading in green although the coin’s upward journey could be stalled as it is approaching the $1 mark. If the coin falls in value, it may come to a standstill near the $0.6 mark.
A start over the $0.85 to $0.90 zone, might lead to greater expansions towards $1. XRP purchasers must, however, maintain their buying pressure over the weekend. XRP has broken out of its consolidated trend and could set a new high in the near future.
The Relative Strength Index (RSI) indicator suggests that a price correction could occur in the near future. This is due to the RSI’s fast swing away from the overbought region.
XRP vs SEC
Former SEC officials are being investigated for their handling of the Ripple case. According to reports, Empower Oversight is leading a Freedom of Information Act probe into the regulator (FOIA). It has provided correspondence records for past SEC officials, as well as current and former workers.