XRP → Rally to 0.730 ↑ The fundamental denouement is coming
Updated
XRPUSDT is approaching a possible decoupling, both technically and fundamentally. Positive signs of life could lead to a rally, first stop could be around 0.73. On W1, the coin is trying to live, but there is a huge fundamental reason that keeps the price from going beyond resistance and flat: The SEC v. Ripple litigation.
The Ripple vs. SEC case is a pivotal moment for cryptocurrency regulation, as a final victory would be a strong green sign for the entire cryptocurrency community amidst the SEC getting a number of restrictions on its activities lately due to overstepping its authority.
Ripple's CEO believes that the final verdict could come at the end of the summer. Everyone is counting on a positive outcome for XRP:
- The court found that Ripple violated federal securities laws by making institutional sales of XRP, but dismissed other charges brought by the SEC.
- Ripple Labs opposed the SEC's proposal to fine the company nearly $2 billion.
- Ripple Labs said the court should impose a civil penalty of no more than $10 million
Technically:
Price continues to test the wedge resistance with the aim of breaking it, volatility decreases and consolidation continues. Below 0.4637 buyers are not letting the price in yet, which may lead to another retest of the resistance, which will only increase the chances of a breakout.
Price consolidation above 0.4962 will be the root cause of market character change and possible rally to 0.6265 - 0.73.
Support levels: 0.4637
Resistance levels: 0.4962, 0.5720
I expect that the buyers will still be able to break through the resistance of the bearish figure in the near future and ride the rally to the mentioned targets.
Regards R. Linda!
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Note
SBI Holdings, one of Japan's largest financial holdings, has started minting NFT on XRP Ledger*SBI Holdings has been actively promoting XRP for several years in Asian markets
*The issuer is popular with companies
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The last few days have seen a lot of positive fundamental news come out regarding XRP
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