- XRP price has been in a consolidation phase recently.
- It has formed a descending triangle as the SEC vs Ripple case goes on.
The XRP price has continued moving sideways in the past few weeks as the cryptocurrency industry consolidates. Ripple is trading at $0.3990, where it has been in the past few weeks. Its market cap has dropped to over $19 billion.
SEC vs Ripple cas update
In addition to the ongoing macro situation, the XRP price is also reacting to the ongoing SEC vs Ripple case.
Commonly known as the crypto trial of a century, the case is based on the billions of dollars that Ripple raised in 2013. The SEC accuses Ripple Labs and its executives of raising funds without following the due process.
Ripple has rejected this characterization and claimed that XRP is a real cryptocurrency like Bitcoin, Ether, and AVAX.
This case is also similar to what the SEC is investigating Binance on. The regulator argues that Binance also sold the BNB tokens to investors without following the law.
Read more on how to buy Ripple.
On Tuesday, the judge overseeing the case held a briefing with the two sides. In it, she discussed documents that Ripple says are necessary to prove that it did nothing wrong. The document include a speech delivered by Bill Hinman, an SEC director of corporate finance.
Ripple says that his speech will show that there were disagreements among SEC officials about declaring Ripple as a security.
Meanwhile, Ripple is looking forward to its acquittal. In a recent statement, the company’s CEO said that the company will go public when the case ends. A potential IPO could value Ripple at more than $10 billion. It will become one of the few cryptocurrency companies that are public.
XRP price prediction
Ripple, like all cryptocurrencies, has been in a strong downward trend as worries of a hawkish Federal Reserve continue. It has fallen by over 60% from its all-time high.
On the four-hour chart, the coin has been in a consolidation mode as investors question the next key trend. It is hovering near the 25-day and 50-day moving averages. Further, it is slightly above the important support level at $0.3760, which was the lowest level in the final week of the month.
It has also formed a descending triangle pattern. Therefore, there is a likelihood that the coin will soon have a bearish breakout to about $0.30.
