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XRP price has rebounded to trade at $0.62 following a brief correction to $0.5868. Before the pullback, XRP token climbed above $0.7 as bulls doubled down on the momentum targeting $1. Backing this bullish outlook was the excitement around Ripple’s Swell’s conference, an event that brings together industry leaders and experts.
At #RippleSwell last week, @metaco_sa's @AdrienTreccani spoke on digital asset custody as a crucial piece for building a tokenized economy. ⬇️ https://t.co/dKVu0s0jXR
— Ripple (@Ripple) November 17, 2023
XRP Price To Hit $1?
A glance at the daily chart shows XRP price sitting on top of the immediate support provided by the 50-day Exponential Moving Average (EMA) at $0.6223. However, slightly on the upside, the token is struggling to push through resistance highlighted by the 38.2% Fibonacci retracement level. Two key moves would decide where XRP heads to this week.
With a break above the immediate resistance at $0.6256, traders would find the token attractive, especially for scalping opportunities. This buying pressure from traders and investors will likely propel XRP above the next key hurdle at $0.7.
The seller congestion of $0.7 could be the biggest stumbling block in the search for gains above $1 as it brings together a multi-month falling trendline since July and the 50% Fibonacci level.
On the other side of the fence, failure to rise above resistance/support at the 38.2% Fibo could end in consolidation or another dip if support at the 50-day EMA (red) bows to selling pressure.
The Relative Strength Index (RSI) already shows sellers having more control at the moment and its continued movement beneath the midline at 50 could lead to more losses.
Ripple Vs. SEC Lawsuit Update And Impact On XRP Price
Although there were no updates regarding the ongoing lawsuit between Ripple and the US Securities and Exchange Commission (SEC), the hope for a suitable settlement kept the price buoyant.
The SEC has since the first ruling, which determined that programmatic sales of XRP did not constitute security tokens, came out on top to the extent the regulator dropped the charges it had filed against the company’s top executives, Chris Larsen and CEO Brad Garlinghouse.
Ripple is believed to have won the case aside from the direct sales of XRP to institutional investors, which the court ruled constituted securities.
Although the case is expected to go to trial, there’s hope for a favorable settlement.
Investors are likely to remain on the edge with XRP amid worry about the SEC appealing the programmatic XRP sales ruling following either the settlement or the trial.
On the bright side, the winning record Ripple has had during this case could compel investors to retain an interest in the XRP price with the hope of seeing an explosive bull run not just above $1 but also one that could reclaim the all-time high of $3.4.
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