O XRP price remains suppressed under the heat of the Ripple vs. United States Securities and Exchange Commission (SEC) legal battle. This suppressed price action has continued to discourage investors when it comes to the altcoin. However, not everyone has succumbed to the bearish pressure, as crypto analyst RLinda believes that the XRP Price May Be Attempting a Decoupling this could lead to a price crash from here.
XRP price decoupling may trigger price
Crypto analyst RLinda has foreseen a bullish picture for XRP price, where the altcoin could completely break out of its sluggish movement. The analysis that has been going on for several days goes through XRP’s performance over the past year and how it has suffered declines even as others in the market were reaching new all-time highs.
Related Reading
Although the currency remains mired in the Ripple vs. SEC Battlecrypto analyst RLinda believes that the price of XRP may be reaching a possible decoupling. She explains that this is happening not only technically but also fundamentally.
A possible dissociation is bullish on the price of XRP, given that it would be the beginning of a major price recovery. Using the 1-week chart, the crypto analyst highlights some technical developments that could be important for this possible decoupling.
The first is that XRP is still testing “wedge resistance with the aim of breaking it.” Furthermore, RLinda points out that volatility is decreasing as consolidation continues at the moment. However, this consolidation could be the reason why the price starts another climb.
As for where the price could go from here, the crypto analyst points out that it could rise as high as $0.6265 and even reach $0.73 when it ends. However, XRP should hold the support level at $0.4637 while breaking the resistances that are rising at $0.4962 and $0.5720.
Factors that keep the price low
While XRP price continues to be one of the most popular cryptocurrencies There are a number of factors that have been holding back the market. The main one is the aforementioned lawsuit. While Ripple has secured several victories against the regulator during this time, the fact that the lawsuit has not yet been officially closed remains a major obstacle.
Related Reading
In his analysis, RLinda points to these issues as being behind the poor price performance. However, Ripple CEO Brad Garlinghouse said he expects the process and agreement to be completed by the end of this summer. That puts it sometime before September.
If this happens, then it would mark a crucial point for participation in the XRP price. “The Ripple vs. SEC case is a pivotal moment for cryptocurrency regulation, as a final victory would be a strong green light for the entire cryptocurrency community amid the SEC receiving a number of restrictions on its activities lately due to overstepping its authority,” the analyst said.
Featured image created with Dall.E, chart from Tradingview.com