- XRP approaches a potential breakout from a falling wedge, promising a 5.8% rally.
- Ripple plans the largest monthly token dump since 2017, with 400 million tokens.
XRP has been marketed as the sole digital asset with practical use and legal certainty. Not that the price has changed all that much. Still, the cryptocurrency community is getting used to some news that could raise the value of the asset.
CoinMarketCap data show that as of writing, XRP is trading at $0.5221, up 0.87% in the last 24 hours but exhibiting a bearish trend with a 1.56% decline over the previous 7 days.
Falling Channel and Market Struggle
Ripple’s price has been making lower lows and lower highs during the last week in a declining channel. The way XRP is trending inside a larger two-month consolidation zone also suggests a battle between bulls and bears.
The price of XRP is also going somewhat below the 50-day and 200-day simple moving averages (SMA), which supports the argument put out by bulls and bears even more. Price action for XRP reached the high boundary of this range on May 21 and has since been declining to test the lower boundary.
Notwithstanding the current decline, the price movement of XRP has created a falling wedge and is getting close to the end of this market structure. Potentially pushing the price above the consolidation zone, an upside breakout might spark a 5.8% rise.
Should XRP be successful, it might climb further and reach the previous high of $0.74, but it might run into some resistance around $0.66 and heavy resistance around $0.57. On the other hand, important support zones are seen about $0.5, $0.48, and $0.46.
Potential Catalyst for XRP Price Surge
A decision by Judge Analisa Torres favoring XRP last year sent the price skyrocketing to around $1. As part of a joint proposal to the Southern District Court of New York, Ripple and the SEC recently decided on a filing and redacting schedule for documents pertaining to the impending remedies phase. On March 22, the SEC issued its opening remedies brief, to which Ripple responded on April 22.
In the most recent SEC filing, titled “Redacted Remedies Reply Brief,” the agency requested that the court “enter the Proposed Final Judgment as a Final Judgment” on May 8, 2024. This development may have a significant impact on the price of XRP in the coming days.
🚨BREAKING RIPPLE VS. SEC NEWS:
The SEC has filed, under seal, its remedies reply brief & supporting exhibits.⚖️
These documents are not yet public. public, redacted versions will be filed by Wednesday, May 8, 2024! #XRP pic.twitter.com/tBarSTtRiC
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@barbie_xrpie) May 30, 2024
On the other hand, CNF reported that Ripple would be conducting the biggest monthly token dump with 400 million XRP tokens since 2017.
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