Bloodshed in the crypto markets! This week’s brutal sell-off has sent altcoins tumbling, with XRP, a former darling, sinking below the critical $0.50 mark.
While XRP has taken an 11% hit this week alone, and Bitcoin hasn’t escaped unscathed either, some analysts see a potential July turnaround for XRP.
Read on to find out why XRP is at a crossroads, and what the coming weeks might hold for this controversial coin.
XRP Technical Analysis
Currently trading at $0.4354 amidst a prevailing bearish trend, XRP is under scrutiny. The Ripple Effect, a well-known XRP commentator, has pointed out a critical technical pattern: the breakdown of a significant triangle formation on XRP’s price chart. According to this analysis, a weekly close around $0.42 could trigger a sharp sell-off.
The commentator suggests potential buy targets at $0.12-$0.14 and $0.07-$0.08, proposing these levels as attractive entry points before a predicted price surge between 2026 and 2030.
Impact of the Ripple v. SEC Case
Since the lawsuit began in 2020, XRP’s price has been significantly impacted by ongoing debates over whether it should be classified as a security. A pivotal moment occurred last July when XRP was deemed not to be a security, sparking market optimism. However, the case is now in the remedies phase and could extend until mid-2026, potentially delaying any substantial price rally until the legal ambiguity is resolved.
The latest update indicates that a jury will soon make a determination on XRP’s status.
Market Predictions
The Ripple Effect foresees the case potentially dragging on until July 2026, which could affect XRP’s price trajectory. Nevertheless, Ripple CEO Brad Garlinghouse is optimistic, suggesting that the case might conclude by the end of this year, with some industry insiders anticipating a ruling as soon as this month.
The resolution of the case is expected to trigger a significant price surge for XRP, underscoring the need for investors to remain patient.
Pro-XRP lawyer Fred Rispoli predicts that Judge Torres might issue a summary judgment in the SEC vs. Ripple case by the end of this month. After three years, a resolution seems imminent, with Ripple’s recent filings strengthening their position. The XRP community is eagerly awaiting the verdict by July 31, though Rispoli humorously suggests a possible outcome by July 13.
Understanding the Market Sentiment
In a surprising development, XRP saw a notable transfer of 37.39 million tokens—worth approximately $16.06 million—from a major holder to Bitstamp, a leading crypto exchange. This substantial whale dump suggests a potential waning of bullish sentiment regarding the SEC case’s resolution.
Despite the overall downturn in the crypto market, this whale move might be a strategic response to mitigate potential losses. Currently, XRP is trading at $0.4355, reflecting a slight 0.68% increase over the past 24 hours.
Hold or Fold? The next few weeks for XRP could be make-or-break. Stay tuned!
