XRP price continues to remain depressed under the heat of Ripple vs. The United States Securities and Exchange Commission (SEC) legal battle. This suppressed price action has continued to discourage investors when it comes to altcoins. However, not everyone has succumbed to the bearish pressure, as crypto analyst RLinda believes that the price of XRP may try to split which could lead to a price breakout from here.
XRP Price Drop May Cause Price
Crypto analyst RLinda has predicted a bullish picture for XRP price where the altcoin may completely break out of its sluggish movement. The analysis that now spans several days flows into XRP’s performance over the past year and how it experienced a crash even as others in the market hit new highs.
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While the coin continues to suffer from the battle of Ripple vs. SEC, crypto analyst RLinda believes that the price of XRP may reach a potential low. He explains that this is not only possible technically but also fundamentally.
A potential downgrade is bullish for the XRP price, as it could be the start of a major price rally. Using the 1-week chart, the crypto analyst highlights some technical developments that could be important for this breakout.
The first of these is that XRP is still testing “resistance to the Wedge with the intention of breaking it.” Also, RLinda points out that the volatility is decreasing as integration continues at this time. However, this combination may be the reason for the price to start another rally.
As for where the price can go from here, the crypto analyst indicates that it is possible to meet as high as $ 0.6265 and reach $ 0.73 at the time of execution. However, XRP should hold the support level at $0.4637 while breaking the resistance rising at $0.4962 and $0.5720.
Factors That Hold the Price Down
Although the price of XRP continues to be one of the most popular cryptocurrencies in the market, several factors are under pressure. The main one is the case mentioned above. Even though Ripple has won many victories against the regulator during this time, the fact that the case has yet to be officially settled continues to present a major obstacle.
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In his analysis, RLinda identifies these problems as the reason why the price is not doing well. However, Ripple CEO Brad Garlinghouse said he expects the lawsuit and settlement to be finalized by the end of this summer. This puts you before September.
If this happens, it will mark a significant point in the XRP price breakout. “The Ripple vs. SEC case is an important moment for cryptocurrency regulation, as the final victory would be a strong green signal for the entire cryptocurrency community amid the SEC receiving many restrictions on its activities recently due to overstepping its authority,” the analyst said.
The featured image was created with Dall.E, a chart from Tradingview.com
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