The XRP price is poised to make a bold recovery. While the market is showing volatility, the token could form a bullish flag as the crypto space eagerly waits for major developments in the lawsuit filed by the United States Securities and Exchange Commission against Ripple.
As of writing, the XRP price is on a downtrend. If this continues, the pressure from the declining market support for the token will likely see XRP testing lower support levels at $0.756. Moreover, in the last 24 hours, the token’s price has been dancing around the $0.76 to $0.82 range. This is seen as a signal for the volatility of the coin.
However, the current price shows that buyers have stepped in again to support the token. This may be due to the speculation for the uptrend of XRP. If the Ripple XRP can make an upswing from this level, the next resistance level lies at $0.836. If buyers keep supporting the token, the token price will pass the major hurdle at the $0.86 level.
This buying pressure will likely push the price of XRP over the $0.91 mark and prime it to pass the $1.00 level. If the digital currency hits this level, XRP will make a 35% gain. However, if the coin fails to make an upswing, it is expected to drop to $0.67 and dip further before it settles down on $0.54.
The price movement for XRP will likely be greatly affected by the unsealing of two memos in the SEC vs. Ripple Lawsuit. The unsealing was scheduled for February 17, 2022, and the wider crypto space is eagerly waiting to know what it contains.
The opposing parties are claiming different things. The SEC claims that the memo will show that Ripple’s chairman, Chris Larsen, knew that the XRP could be classified as a security according to market regulations. On the other hand, Ripple and Larsen claim that the SEC lies about the memo’s contents. The company claims that its lawyers concluded that XRP was a token and not a security.
Only time will tell how this case will pan out. For now, the crypto space is waiting for the next development. And whatever the decision on the case will be, it is likely to become a precedent for future cases regarding cryptocurrencies.
