XRP Price In Accumulation Phase! Is the SEC Decision an Impending Catalyst for XRP to Rise Again?

Despite some upward momentum overnight, the general market has been trading in the negative for the past 24 hours. Bitcoin has dropped 4.12 percent, and Ethereum has dropped 6.56 percent. In terms of XRP Price, it’s still at the same price it was in November, and it’s still a long way from its all-time high. 

On the other hand, this price manipulation in the broader Crypto market may only buy more time for the traders to accumulate XRP and other cryptocurrencies.

At the end of June, XRP Price failed to reach new highs. Around $0.70, a definite lower high was established, after which the market began to decline and swiftly fell to $0.60.

Yesterday, XRP underwent a minor retracement. Overnight, the market pushed back to $0.65. Today’s session is predicted to be much more bearish. 

Also Read : Bitcoin Price Compressing Again, Which Direction Will It Move After The Blast!

It was a bearish start to the day. After reversing and falling to $0.58, it rose to an intraday high of 0.61. XRP was trading at $0.01 at the time of writing. 

This price movement suggests that Ripple is likely to head down again later today, with the $0.57 support level being the next target. Ripple price action will most likely be a difficult decision to make once it is achieved.

On the upside, $0.65 is still a key barrier level for XRP to breakthrough. After that, $0.70 enters the picture. However, if the volume does not sustain the growth, the price may be unable to recover. As a result, the price may drop to around $0.560 in the near future. 

SEC VS XRP

The Southern District of New York has scheduled a telephonic conference to continue the hearing on the SEC’s appeal of former SEC director William Hinman’s deposition. In the XRP Lawsuit, William H. Hinman may make or break the case.