XRP Price Forecast As SEC vs Ripple Lawsuit Heat Up: What’s Next for XRP’s Market?

XRP price forecast: XRP has experienced a noticeable decline in value, dropping by 1.95% over the past 24 hours. The XRP price is hovering below the $0.53 support level, indicating bearish sentiment in the market. Ripple’s  XRP price is trading at $0.5204 during US business hours on Thursday.

The market capitalization of XRP has also decreased, currently standing at approximately $28.8 billion, placing it at the seventh rank among other cryptocurrencies. The 24-hour trading volume has shown a positive trend, increasing by 9.34% to reach $1.27 billion, suggesting active trading despite the overall price drop.

XRP Price Forecast: Will Bulls Regain Control?

Over the past week, XRP has shown a modest 3% rise, reflecting a gradual upward trend despite recent consolidation. This week, XRP has traded within a narrow range, highlighting the ongoing tug-of-war between bulls and bears. 

The price has increased by 0.78%, fluctuating between $0.51 and $0.54. This tight trading range underscores the current struggle for market dominance.

XRP Market Analysis Amid Legal Developments

With the Ripple Vs SEC lawsuit heated up, ro-XRP lawyer Bill Morgan has addressed concerns about Ripple’s ODL sales, arguing they do not harm XRP’s price. Recently, Ripple submitted a reply letter supporting its Motion to Seal documents related to the SEC’s Motion for Judgment and Remedies. 

This filing sparked discussions within the XRP community. On May 29, 2024, Ripple’s legal team countered the SEC’s arguments, stating the SEC’s points about Ripple’s financial condition were irrelevant to determining remedies. 

Morgan’s comments have sparked further debate, reinforcing Ripple’s stance amid ongoing legal proceedings.

Technical Indicators Point to Mixed Outlook

The XRP market is experiencing significant fluctuations, which suggest potential volatility. The cross-border money transfer token could break through the $0.53 resistance level if bullish momentum continues. Sustained upward movement might push the price towards $0.7, possibly reaching $1 by the end of June.

Conversely, should bearish sentiment prevail, XRP’s value could stabilize around $0.51. A further decline might see the price drop to $0.5, underscoring the cryptocurrency market’s unpredictable nature.

The technical indicators for XRP on the daily chart reveal a mixed outlook for the cryptocurrency. The Moving Average Convergence Divergence (MACD) indicator shows a slight bullish signal. 

The MACD line at 0.0003 and the signal line at 0.0002 indicate a possible upward momentum in the near term. However, the histogram displays a minor negative value, suggesting potential weakness.

The Relative Strength Index (RSI) stands at 46, slightly below the neutral 50 level, which implies that XRP is neither overbought nor oversold.  The Bollinger bands on the 24-hour chart show that XRP’s price is experiencing a period of consolidation. 

The upper Bollinger band is valued at 0.5468, while the lower is at 0.4970. This indicates that XRP is currently trading within a relatively narrow range, suggesting reduced volatility in the short term.