The crypto industry has displayed a neutral sentiment for the fourth straight day, indicating the market cooling off from the massive price action it had experienced recently. On the other hand, the XRP price displayed a stable gain in its value compared to other elite cryptocurrencies, raising concern over its future price action.
Following the lawsuit where the Ripple coin had lost a significant percentage in its value, the XRP token has been fighting hard to gain momentum and regain the lost status it once had.
The ongoing case of Ripple vs SEC is crucial as the future of the XRP token largely depends on it. As per the latest rumors, there is a high possibility of the SEC settling the case outside the courtroom, with the regulators possibly demanding over $770 Million as a settlement amount.
If the rumors are accurate and the settlement is truly done, this will be the turning point for Ripple’s XRP token, as the XRP coin price could then attract more institutional investors and experience a massive upswing soon and record a new high in the coming time.
The XRP whales have displayed a significant movement during the month of October. The whale accounts have collectively dumped over $55 Million during this time, raising the speculation of a possible price dump soon.
The ongoing selling in the market indicates the historic sentiments to repeat, resulting in the price possibly experiencing a significant cut in its value soon. Despite the bullish trend, the bulls appear to sell, indicating the coin will experience a trend reversal in the coming days.
If the XRP bulls manage to hold the price above its key level at $0.54, the price may experience a bullish momentum and make a run to test its upper resistance level of $0.64 in the coming time, which could further ignite a strong bullish influence in the maker, resulting in the price making an attempt to reclaim its status of $1.
On the contrary, if the bears start dominating the market and a trend reversal occurs, the price will lose momentum and fall to test its support level at around $0.50 in the coming time.
Moreover, if the speculations are true and the whales dump their holdings before the Ripple Labs case settlement, the coin is predicted to experience a crash and fall to test its new yearly lows.
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