The ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC) has kept the XRP price under pressure, discouraging many investors from engaging with the altcoin. Despite this, some analysts, such as RLinda, remain optimistic about the potential for a decoupling of the XRP price from its current downtrend.
RLinda’s analysis suggests that XRP may be poised for a breakout, citing both technical and fundamental factors. The analyst points to the ongoing consolidation of XRP’s price, noting a possible decoupling that could lead to a significant rally. Key technical indicators, such as testing the “Wedge resistance” and decreasing volatility, signal a potential upward movement in the price.
According to RLinda, if XRP can maintain support at $0.4637 and break through resistance levels at $0.4962 and $0.5720, the price could rally to as high as $0.6265 and even $0.73. However, factors like the SEC lawsuit against Ripple have kept the price suppressed, highlighting the need for a resolution to drive positive price movement.
Ripple CEO Brad Garlinghouse has expressed confidence in a resolution to the lawsuit by the end of the summer, which could significantly impact XRP’s price trajectory. RLinda views a successful outcome in the legal battle as a potential turning point for XRP and the broader cryptocurrency community, signaling a positive shift in regulatory perceptions.
