The crypto markets have shown some resilience in the past 24 hours, with Bitcoin and XRP leading the charge. Although the BTC price managed to reclaim levels above $83,000, the real excitement lies around the XRP price. The token has demonstrated a strong comeback after visiting lows below $2, which manifests growing bullish momentum around the token. One of the major reasons for the downfall of the XRP price, which also restricted the rally from marking a new ATH during the 2021 bull run, was the ongoing lawsuit against Ripple. The delisting from the US-based exchanges has made some of the market participants uncertain over the next price action.
Meanwhile, the price could trigger a strong bullish action soon as some reports suggest these uncertain clouds over Ripple are expected to fade away. As per some insider reports, the case is in the process of wrapping up. We have seen the SEC closing the investigation and lawsuits over various crypto platforms in the past couple of weeks. And the delay with Ripple is speculated to be over the fine of $125 million imposed by the SEC and the permanent injunction preventing the company from selling XRP to institutional investors.
Despite the bullish sentiments surrounding it, the XRP price is facing some bearish pressure as it fails to surpass pivotal resistance after a rebound.
The latest rebound, however, invalidated the H&S pattern, but the price failed to rise above $2.28, which raises some concerns. Meanwhile, the RSI is incremental regardless of a minor divergence. On the other hand, the Ichimoku cloud is preparing for a bullish crossover and as a result, the price is expected to maintain a range-bound consolidation between $2.03 and $2.27. Once the price rises above the range, it may continue to test the higher targets.
With the speculation of the closure of the Ripple vs. SEC lawsuit, the traders are expected to become optimistic over the next price action. Besides, the platform is creating a DFSA license to enable blockchain-powered crypto payments while Franklin Templeton joins the race for XRP ETF along with Grayscale, Wisdomtree, etc. and others. Therefore, these external factors are expected to impact the XRP price, which may soar high and reach a 2-digit figure soon.
