XRP Price Attempts Bullish Decoupling Amid Major Developments
The XRP price continues to remain suppressed under the heat of the Ripple vs. the United States Securities and Exchange Commission (SEC) legal battle. This suppressed price action has continued to discourage investors when its comes to the altcoin. However, not everyone has succumbed to the bearish pressure, as crypto analyst RLinda believes that the XRP price could be attempting a decoupling that could lead to a price breakout from here.
XRP Price Decoupling Could Trigger Price
Crypto analyst RLinda has forecasted a bullish picture for the XRP price where the altcoin could completely break out of its sluggish movement. The analysis which has now spanned a number of a days flows through XRP’s performance over the last year and how it has suffered crashes even when others in the market were reaching new all-time highs.
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While the coin continues to be bogged down by the Ripple vs. SEC battle, crypto analyst RLinda believes that the XRP price could be reaching a possible decoupling. She explains that this is happening not just technically but fundamentally as well.
A possible decoupling is bullish for the XRP price, given that it would be the start of a major price rally. Using the 1-Week chart, the crypto analyst highlights some technical developments that could be important to this possible decoupling.
The first of these is that XRP is still testing the “Wedge resistance with the aim of breaking it.” Also, RLinda points out that volatility is decreasing as the consolidation is continuing at this point. However, this consolidation could be the reason that the price begins another rally.
As for where the price could go from here, the crypto analyst points out that it could possibly rally as high as $0.6265 and even reach $0.73 by the time it is done. However, XRP must hold the support level at $0.4637 while breaking the resistances being mounting at $0.4962 and $0.5720.
Factors Holding Price Down
While XRP price continues to be one of the most popular cryptocurrencies in the market, a number of factors have suppressed. The major one is the lawsuit mentioned above. Even though Ripple has scored multiple victories against the regulator during this time, the fact that the lawsuit is yet to be officially over continues to present a major hurdle.
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In her analysis, RLinda points to these issues as being behind the price not performing well. However, Ripple CEO Brad Garlinghouse has said that he expects the lawsuit and settlement to be complete by the end of this summer. This puts it sometime before September.
If this happens, then it would mark a pivotal point for the turnouts in the XRP price. “The Ripple vs. SEC case is a pivotal moment for cryptocurrency regulation, as a final victory would be a strong green sign for the entire cryptocurrency community amidst the SEC getting a number of restrictions on its activities lately due to overstepping its authority,” the analyst said.
Featured image created with Dall.E, chart from Tradingview.com
