• XRP price has been largely consolidating in a narrow range, hinting at a potential bearish pullback.
• The Ripple vs SEC lawsuit may add to the volatility of the token, impacting its price positively.
• If buying pressure fails to hold, there is a possibility of XRP dropping below $0.4 in the near future.
XRP Price Analysis
The XRP price has been bullish for some time now, recording consecutive bullish candles. Moreover, the Ripple vs SEC lawsuit is gaining traction and speculations are building up around the final ruling that could lead to increased volatility of the token and a positive impact on its price.
Ripple vs SEC Lawsuit
The Ripple vs SEC case has been gaining more attention lately as speculations surrounding the outcome of this lawsuit revolve around the crypto space. This may lead to an increase in volatility for this token, which could have a positive effect on its price.
Possibility of Bearish Pullback
However, bulls are beginning to show signs of weakness as volume has dropped considerably while potential divergence between value and RSI suggests that a bearish pullback might be imminent. After recent gains, XRP failed to break past resistance at $0.46 due to lack of buying pressure – likely caused by Bitcoin’s sluggish performance dragging down altcoins sideways trading.
With higher highs being reached recently exhausting buyers‘ strength, targets can now be revised to $0.426 which would represent an initial 8% drop if bearish pressure increases further causing prices to plunge below $0.4 reaching $0.392 – representing a 15% drop overall from current levels .
Overall it appears that XRP is displaying some weakness ahead of approaching crucial levels and may face a bearish pullback if buying pressure fails to hold steady at these levels leading it potentially dip below $0.4 in coming days or weeks..