Cilinix Crypto posted a video where a crypto analyst presented the latest updates about the ongoing Ripple and Securities and Exchange Commission (SEC) case. The crypto analyst also discussed the potential price direction for XRP.
What you'll learn 👉
Recent Developments and Slow Price Action
The analyst noted that while the news about XRP’s victory on August 7th was positive, the subsequent price action has been underwhelming. The response to the victory was rather lackluster. A proper bullish scenario for XRP would be a total completion of the whole case, which would make Ripple completely free.
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This freedom will allow the company to focus on building strong fundamentals through partnerships. They can also potentially hire a different market maker. Although there was an initial spike, the price of XRP has been consolidating between $0.55 and $0.62 since then.
Critical Date: October 7th
The main update is that investors will have to look forward to October 7th, which is the main deadline for the SEC to appeal the ruling. If there is no appeal by that date, then Ripple can completely have its freedom. This could also be a major bullish catalyst for further price growth.
XRP Price Technical Analysis
On the weekly timeframe, the analyst suggested a potentially bullish outlook, with XRP slowly breaking above $0.65. However, he emphasized that the current price action and open interest remain flat, indicating no immediate signs of bullish momentum.
While the analyst expects consolidation in the short term, he identified the $0.54 to $0.55 level as a good buying area. He suggested that bullish momentum could potentially build up as the October 7th deadline approaches. However, the analyst is not expecting any major bullish spike until the October 7th deadline date.
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