- XRP has broken above $0.45 and is now trading above $0.46 — some traders are eyeing the $1.33 target.
- The crypto community is increasingly becoming confident of a Ripple win against the SEC.
- Should the SEC win, XRP may crash to as low as $0.18.
XRP has broken above its psychological resistance level at $0.45, causing the turning of heads in the crypto industry. At the time of writing, XRP is changing hands at $0.4654, as per CoinGecko.
This sudden skyward price movement is fueling further anticipation of a Ripple win against the SEC, as many predict that Judge Analisa Torres’ judgment will come at any minute now.
Ripple President Monica Long believes that “the facts and the law are on [Ripple’s side,” so it is “very unlikely” for Judge Torres to rule on SEC’s side, according to an interview with CNBC.
These recent statements, in wake of recent small victories for Ripple in the last couple of weeks, are fueling investor hope for the much-awaited Ripple win. However, XRP seems to have been struggling to flip the $0.45 resistance. Until now.
As seen in the chart above, the $0.45-$0.46 range is a critical resistance level for XRP and in the last 7 days, bulls have been struggling to rally support in this area. That does not seem to be the case anymore, as the XRP market is turning bullish, with a 24-hour increase of 8%.
Should the $0.46 support become established, traders are expecting a spike of up to $1.33, which may happen should Ripple indeed get handed the big win soon.
Even if Ripple does not get its much-anticipated win this coming week, XRP still has the potential to increase alongside the rest of the crypto market after the weekend. The Relative Strength Index (RSI) also does not show that XRP is already in the overbought state.
Conversely, the above-mentioned scenarios will be invalidated should the SEC win against Ripple. If this happens, XRP may crash to as low as $0.18.
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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.
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