The long-term outlook for XRP’s price is now bullish as the cryptocurrency continues trading above the important support level of $0.50. A few positive developments have likely sparked XRP’s recovery recently. The potential for a settlement in the ongoing lawsuit between the SEC and Ripple as well as comments made by Ripple CEO Brad Garlinghouse at the Mainnet 2023 conference have set the stage for XRP’s rebound.
According to lawyer John Deaton, the SEC may be open to settling with Ripple if the outcome does not affect similar cases against other crypto companies. However, the SEC is more likely to appeal the recent court ruling in favor of Ripple in order to overturn it.
At Mainnet 2023, Garlinghouse criticized the SEC and Chair Gary Gensler’s stance on crypto regulation. Garlinghouse argued for clear rules to foster innovation in the space.
Technical analyst Lockridge Okoth believes XRP’s price outlook is bullish as long as it holds above $0.50 support. Okoth sees XRP testing resistance around $0.52 and thinks breaking above the $0.53 level could spur further gains. However, failure to break $0.53 resistance could cause XRP to retest support around $0.46. XRP is currently trading around $0.52 on Binance.
#XRP #Ripple #Cryptocurrency #Blockchain
