Ripple is an extremely important project for cryptocurrency investors, and its battle with the SEC has made it the center of attention. As one of the largest cryptocurrencies for years, Ripple’s fight with the SEC is now entering its final stages. So, what are the latest price predictions?
Ripple Lawsuit on September 1st
The cryptocurrency XRP Coin officially received court support on July 13th. This detail regarding the non-securities status of secondary market sales concerned all altcoins in the investment contract class. However, the SEC has indicated its intention to appeal and took the necessary steps last month. We have announced all these details as breaking news at every step. Now, we have reached September 1st.
After the parties submitted their opposition documents, the Court of Appeals will issue its decision as of September 1st (today). If approval is given for the appeal hearings, this will have serious negative consequences for the XRP Coin price. However, on the other hand, if the appeals court says there is no need for an appeal, the price of XRP Coin may reach $0.93 again this month.
However, it is not certain on which day this decision, which will create volatility, will be announced. As of today, the decision may be announced by the end of the month. When the decision is announced, whether the appeal is accepted or not, we will announce it quickly as breaking news.
XRP Coin Price Prediction
The XRP price has significantly decreased since reaching its highest level of the year. The price is at risk of closing below the $0.55 horizontal range. The technical analysis on the weekly timeframe for XRP mostly indicates a bearish outlook. There are several reasons for this. Firstly, as soon as the XRP price reached the highest level of the new year, it was rejected at $0.93 by the 0.382 Fib retracement level. This created a very long upper wick, which is considered a sign of selling pressure.
Secondly, the price is currently falling below the long-term $0.55 horizontal support area. This area has intermittently served as both resistance and support since the beginning of 2021. Therefore, a weekly close below it will confirm the downward trend. In this case, a drop to $0.3 is possible.
Daily timeframe readings support the bearish trend in the weekly timeframe. The XRP price has fallen well below the $0.54 support area on this timeframe. If the downward movement continues, the target on the daily chart is $0.39.
Despite the bearish XRP price prediction, if the popular altcoin closes above $0.55, it could trigger an 85% rally to the $0.93 resistance. We discussed in detail what could trigger this in the first part of the article.
