After a brief moment, testing areas towards support at $0.48, the XRP price forecast shows the cross-border remittance token struggling above $0.51. The uptick in XRP was a collective movement of the majority of crypto assets, led by Bitcoin price rally topping $66,000 on Thursday.
Major altcoins also moved in tandem with BTC. Ethereum soared above $3,000 while Solana emerged with one of the strongest moves, climbing above $160.
The cumulative market cap reclaimed the $2.5 trillion mark, underscoring the bullish wave in the market. If Bitcoin continues towards $70,000 this week, altcoins like XRP will also steady their uptrends.
What’s Next For XRP Ahead of Ripple vs SEC Lawsuit Resolution
The last couple of months have been important to both Ripple, the defendant, and the Securities and Exchange Commission (SEC), the complainant in the longstanding case.
Following the remedies phase, Ripple and the SEC filed motions to seal related documents. The motion filed on May 13 saw Ripple’s legal team argue that the agency had indicated in the past that it did not have a problem with the firm sealing portions of the documents, particularly in the remedies phase.
The SEC said it was okay with some of Ripple’s requests. However, it may argue against some sections. Ripple aims to redact documents that could put its operations at risk. Some of the information comprises audited financial statements.
The motivation for a narrower seal of documents is to protect future plans, Ripple said. Other information it seeks to seal relates to revenue streams and planned expenses.
Ripple hopes the Judge will grant its motion to seal details of its customers, staff, and strategic business partners. The decision now lies in the hands of the Judge, who Ripple requested to give the matter a lot of weight to protect the privacy of the parties involved.
XRP Price Forecast As Bullish Fractal Points To $0.56
XRP has formed a bullish and bearish fractal pattern since mid-April with robust support at $0.48 and resistance at $0.56. Every time the price has touched the support level, the token has rebounded only to lose momentum at $0.56.
Although recently XRP did not quite reach $0.48, the trend reversed at $0.49, hinting at another bullish fractal playing out in May.
However, with the Relative Strength Index (RSI) retracing after encountering resistance at 64, potential selling pressure in the market is evident. Therefore, should confluence support be established at $0.5112 by the 20-day EMA and the 50-day EMA fail, XRP might slide to $0.5. Further decline to $0.48 cannot be ruled out until a strong rally establishes above $0.56 aiming for a debut past $1.
The post XRP Price Forecast: $1 XRP Awaiting Ripple vs SEC Resolution? appeared first on CoinGape.
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