The US financial regulator, Securities and Exchange Commission’s (SEC) lawsuit against Ripple has dragged on for over two years. Interestingly, in a new development, the US SEC has filed a letter to support its stance against Ripple, this could ensure the regulator’s win against the payment giant.

XRP price has been consolidating in a tight range after its explosive move in the last few days. The ongoing retracement will likely provide an opportunity to accumulate for hodlers before Ripple bulls make a comeback, triggering another massive rally.

XRP price rallied 61% between March 17 and 29, scaling the top of the ongoing range, extending from $0.336 to $0.537. While impressive, the rally seems to have run out of steam, causing the altcoin to shed 17% from its recent local top of $0.585.

As the XRP price trades around $0.518, investors need to pay close attention to the range between $0.475 and $0.436. This area is an accumulation zone, which will allow sidelined buyers to step in and get ready for the next move.

A flip of the range high at $0.537 will be a key signal that may kickstart the next leg higher. A decisive move above this barrier will open the path for XRP price to tag $0.633. Beyond this level, the 62% and 70.5% retracement levels at $0.704 and $0.754 are the next bullish targets.

If Ripple bulls fail to take control, the retracement could drive XRP price below the accumulation level at $0.475. In such a case, if the bears flip the $0.436 support level into a resistance barrier, it will skew the odds in the sellers’ favor. Such a development could see XRP price crash to $0.336.

Ripple will continuing its hawkish stance after a leg down

Apr 12 2023