XRP Price Consolidates Near $0.47 Amidst Ongoing Legal Uncertainty
- If the price manages to go below $0.47, then it will likely decline to test $0.45 support level.
- At the time of writing, XRP is trading at $0.4739, down 0.09% in the last 24 hours.
The majority of the allegations in a class action lawsuit involving XRP were dismissed, giving Ripple a major win in a recent legal development. The judge’s ruling in the Northern District of California Court reduced the matter to a minor state lawsuit over purportedly deceptive statements. The question of whether XRP should be considered a security is at the heart of the continuing discussion.
The daily time frame chart of XRP shows that the price has been settling into a sideways triangle pattern. Which suggests that buying and selling forces are balanced but makes one question the overall trend direction.
Consolidation Phase
As the market continues to consolidate, the price of XRP has been relatively unchanged. Attempting to find support above the long-term support trendline. The lack of a clear direction from buyers or sellers in this week’s candlestick pattern indicates that market participants are letting uncertainty dictate price action.
The current bear market in XRP started in early March. When the price fell from a peak of $0.74 to a low of $0.47. However, market participants expect a substantial change in the price of XRP. As the Ripple vs. SEC court action approaches its conclusion.
At the time of writing, XRP is trading at $0.4739, down 0.09% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 2.03%. The price has been consolidating lately. And if it manages to go past $0.48 level, then it will likely test $0.49 resistance level. Contrarily, if the price manages to go below $0.47 level, then it will likely decline to test $0.45 support level.
