Ripple Price Remains Inert Amid Fireworks
Our XRP price prediction is yet to flip bullish as the price is not showing the same strength as the other cryptocurrencies. Most altcoins have made higher highs on medium timeframes as the markets turned green after this week’s FOMC meeting. Nevertheless, Ripple price has barely moved amid this market-wide recovery.
One significant reason for the decreased investor interest in Ripple XRP is the ongoing SEC vs Ripple lawsuit. The lawsuit that began in December 2020 alleges Ripple crypto of raising funds by illegal selling securities. The case has adversely affected the XRP price as the coin is trading 89% below its 2018 all-time high of $3.40. Nevertheless, after more than 18 months of court proceedings and tug of war, the judgement day seems not far away.
According to XRP news today, the court denied the SEC request to revoke the amici status of XRP holders. SEC also wanted to bar John Deaton to bar from the case altogether. The court’s proceedings till now suggest that Ripple has the upper in the legal battle.
XRP Price Prediction
Technical analysis of the Ripple price chart shows that the cryptocurrency has been in a constant downtrend since May 2021. This downtrend intensified as the Bitcoin price reversed from $69,000 in November 2021. At the time of writing, the XRP price is trading at $0.37, gaining 5.7% within the past 24 hrs.
A closer look at the chart shows that the coin has formed an inverse head & shoulders pattern. Although the breakout is confirmed, the price is yet to make a higher high. In case of a daily closure above $0.38, the price can easily target our short-term XRP price prediction of $0.44.
This target also aligns with the measured move of the inverse H&S pattern. However, it is worth mentioning that any bearish move from Bitcoin might invalidate this price analysis. Therefore, you must also keep an eye on Bitcoin price action to stay one step ahead in the market.
Ripple USD Daily Chart
