- XRP price has been in a tight range in the past few days.
- It has formed a symmetrical triangle pattern.
- There was a SEC vs Ripple case update this week.
The XRP price has moved sideways in the past few weeks as investors assess the progress in the ongoing SEC vs Ripple case in the US. The coin is trading at $0.7500, where it has been in the past few days.
SEC vs Ripple case
There are several catalysts affecting the XRP price. First, like all cryptocurrencies, Ripple is closely watching the upcoming interest rate decision by the Federal Reserve.
Analysts expect that the bank will start hiking interest rates in this meeting although the degree of hikes is not yet known. Some economists expect that the bank will deliver a 50 basis point hike while others see a 0.25% increase. Still, the rate increases will usher in a new normal.
The other catalyst for the Ripple price is the ongoing SEC vs Ripple case that was filed in 2020. The SEC alleges that Ripple and its executives raised $1.3 billion without following the due process.
The case has been moving slowly and analysts expect that it will be concluded later this year. In a recent statement, Brad Garlinghouse, one of the accused touted a big win for Ripple. He was quoting a tweet by one of the lawyers.
The lawyer cited a statement by the judge who questioned whether the SEC provided Ripple with fair notice that the XRP distributions in 2013 violated the law. According to US guidelines, the SEC needed to warn Ripple and its executives that its fundraising was illegal.
Still, it is too early to predict how the case will end although most analysts believe that Ripple has a solid case. In a recent statement, Ripple’s General Counsel said:
“But we didn’t pick a fight with a regulator, the regulator picked a fight with us. Respect for regulators needs to be earned, and I don’t think the SEC has earned the right to get the industry’s respect.”
XRP price prediction
The daily chart shows that the Ripple price has been in a tight range in the past few days. A closer look reveals that it has formed a symmetrical triangle pattern that is shown in black. It is also along the 25-day and 50-day moving averages.
Therefore, there is a likelihood that the XRP price will have a breakout in the next few days since the triangle is nearing its confluence level. While it is too early to tell, there is a possibility that the price will break out lower.
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