XRP Price Shows Signs of Decoupling Amid Significant Developments
The XRP price has been struggling due to the ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC). This has led to discouragement among investors regarding the altcoin. However, crypto analyst RLinda believes that the XRP price may be attempting to decouple from these issues, potentially resulting in a breakout.
RLinda has provided a bullish forecast for the XRP price, suggesting that it could break free from its sluggish movement. This analysis considers XRP’s performance over the past year, highlighting how it has experienced crashes while other cryptocurrencies were reaching new all-time highs.
Despite the Ripple vs. SEC battle weighing down on XRP, RLinda believes that a decoupling is possible, both technically and fundamentally. A decoupling would be a positive sign for the XRP price and could trigger a significant rally. RLinda points out several technical developments on the 1-Week chart that may contribute to this potential decoupling.
One important development is that XRP is currently testing the “Wedge resistance” with the intention of breaking through. RLinda also notes that volatility is decreasing as consolidation continues, which in turn could pave the way for a price rally.
In terms of price targets, the crypto analyst suggests that XRP could rally as high as $0.6265 and potentially even reach $0.73. However, for this to happen, XRP must maintain the support level at $0.4637 while overcoming resistances at $0.4962 and $0.5720.
Several factors have been holding the XRP price down, with the ongoing lawsuit being a major one. While Ripple has achieved some victories against the SEC, the lawsuit’s unresolved status remains a significant obstacle. Ripple CEO Brad Garlinghouse has expressed his expectation for the lawsuit and settlement to conclude by the end of the summer, potentially before September.
If this prediction comes true, it could be a turning point for the XRP price. RLinda emphasizes the importance of the Ripple vs. SEC case, stating that a final victory for Ripple would be a positive sign for the entire cryptocurrency community. The SEC has faced restrictions on its activities recently due to perceived overstepping of authority.
The XRP price’s decoupling potential amidst these developments highlights the possibility of a bullish breakout. Despite the current challenges, there are signs of optimism for XRP’s future.