Following the summary judgment victory in July, the regulatory agency SEC is awaiting appellate approval at the courthouse. As of September, there has been no decision on the appeal, and the price of XRP Coin has surrendered itself to the general market trend. So, what does the current outlook suggest for the price of XRP Coin?
With Ripple‘s victory against the US Securities and Exchange Commission in July, XRP reached its annual peak. However, profit-taking caused the price to bounce back from nearly $1 to $0.93. Unfortunately, other rising altcoins quickly reversed their direction as well.
The SEC’s assertive stance on the appeal and the fact that the case has not yet definitively concluded have temporarily hindered the rise due to the lawsuit. As the US markets were in a negative trend at the time of writing, Bitcoin‘s decline, supported by numerous negatives, also pulled down popular altcoins. Nevertheless, the price managed to maintain its $0.5 support level.
Although Jerome Powell believes that he has inflation under control, he stated that they will proceed carefully in determining the scope of additional policy tightening. The beginning of his speech was relatively positive, but as he mentioned the possibility of further tightening if necessary, it negatively affected the risk markets. With inflation fueled by rising oil prices and conflicts, along with the situation in China, there is no guarantee that conditions will not worsen.
Due to all these reasons, in the fundamental analysis section, we may not see an impressive recovery for XRP Coin unless the SEC’s appeal is rejected in the near future.
After a 1.2% correction today, the XRP price is trading at $0.5057. If the $0.5 support is maintained, we may witness a new upward movement. Breaking through the resistance zone at $0.5239 created by the 21-week Exponential Moving Average (EMA) and the 100-day EMA without further strengthening will favor the bulls.
A natural breakthrough and hold above this price level can bring the momentum that the bulls need. The impact of the noticeable selling pressure will require the bulls to move quickly before confirming a bear flag breakout.
In the event of losing critical support, the formation’s targets are $0.4 and $0.3. On the other hand, there is a XRP Coin event on September 29th, which we previously announced as breaking news. This event will take place in approximately one week, and it is likely that the Ripple team will make an important announcement. If a shocking news such as an initial public offering or a settlement with the SEC comes from the company, the price could rapidly rise on that date. Will the price increase due to this expectation? Only time will tell.