Despite recording a mild retracement in the last seven days, XRP may be gathering momentum to breakout above a year-long major resistance level as community members envision a favorable ruling in the longstanding Ripple-SEC lawsuit.
XRP is close to a major resistance level
The sixth-largest crypto asset by market capitalization remains a favorite for many crypto investors amid the huge setback triggered by the lawsuit filed against the cross-border payment firm Ripple by the United States Securities and Exchange Commission (SEC) in December 2020, claiming that XRP is an unregistered security.
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As the two-year-long XRP lawsuit seems to be slowly winding down, coupled with the expectations that the Court would rule on XRP as a non-security asset, investor interest in XRP has been steadily rising with several technical analysts spotting mindblowing bullish tendencies for the asset.
According to an expert technical analyst MichealXBT, XRP is set to breakout above a longstanding resistance level, situated at the $0.51864 price point. Notably, the XRP price has been rejected many times at this level within the past year. However, Micheal noted in a recent tweet that XRP is bound to overcome this resistance level the next time it is being retested and then stage a parabolic pump accordingly. He wrote, “When XRP hits the Major Resistance again. it should break it.”
When $XRP hits the Major Resistance again.. it should break it https://t.co/5wDt8fULoq
— Crypto Michael (@MichaelXBT) June 22, 2023
Likewise, a popular platform Morecruptoonline focused on technical analysis shared a similar view in a separate tweet, stating that XRP is moving into a critical price range — $0.49 and $0.547. In addition, the price analytic platform submitted that a sustained breakout above this price range would see XRP entering into a stunning bullish wave.
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“XRP price is now moving into resistance between $0.49 and $0.547. This is standard Fibonacci resistance for circle wave 2. A sustained break above this level would indicate that XRP formed a more substantial low already and is already in a breakout in wave 3,” the update read.
Recall that Egrag recently forecasted that XRP could either soar to $3.3 or sprint to $250, depending on the past cycle it follows. While there are several positive predictions for XRP, the highly anticipated court ruling in the Ripple-SEC lawsuit may be a huge determinant for XRP price action in the coming months.
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