XRP price commenced the new week on a bearish note as sellers tightened their grip on the token. The international money remittance token mirrored the bullish momentum in the broader cryptocurrency market on Friday, courtesy of Jerome Powell, the Fed Chair’s speech at the Jackson Hole Symposium. However, XRP bowed to overhead pressure at $0.63 during the weekend, suggesting early profit booking among investors.
XRP Price Market Movers: On-Demand Liquidity and Potential SEC Appeal
XRP price exchanged below $0.6 on Monday, down by a modest 0.8% in the last 24 hours, but maintained a 2.5% increase in a week based on CoinGecko data.
Following the final ruling in the Ripple vs. SEC lawsuit, which favored the blockchain company, attention has been directed to the On-Demand Liquidity (ODL). ODL is Ripple’s flagship product, and it supports instant cross-border payments. Although primarily designed to use XRP as the bridge currency, Ripple dissociated from the token, focusing on stablecoins during the lawsuit.
However, with the lawsuit out of the way and XRP’s crypto status affirmed, Ripple is likely to incorporate the token—a move poised to increase utility and demand as well as push XRP higher.
Meanwhile, the SEC is yet to speak publicly about the final ruling and whether the agency is considering an appeal. Judge Analisa Torres granted the SEC’s request for injunction relief for Ripple to abide by the US securities laws in the future. Nevertheless, Torres did not grant another injunction request by the SEC seeking to prevent direct sales of XRP to institutional investors. As such, Ripple could use XRP for the ODL system if the SEC does not file an appeal against the injunction. There’s a 50-50 chance the SEC will appeal at the last minute, further complicating Ripple’s ODL expansion plan in the US.
XRP Price Prediction: BullsTo Resume Uptrend
XRP is neck to neck with the 50-day Exponential Moving Average (EMA) resistance at $0.596. A rebound on top of this moving average will help restart Ripple price uptrend above $0.6 or the previous day’s open.
Further increase in XRP price will follow the Relative Strength Index (RSI) movement in the neutral region. If the RSI climbs above the midline (50), the path of least resistance will flip upwards, encouraging more traders to increase exposure to long positions.
A break above the stubborn seller congestion range between $0.62 and $0.63 will confirm a stronger run-up targeting $0.66 and $07. The potential launch of XRP for ODL use will lock up the token in Automated Market Makers (AMMs), reducing the availability of XRP for third-party trading. As a result, demand for XRP will go up, thus creating momentum for 10x gain during the bull run.
Ripple price chart | Tradingview
The uncertainty around a potential appeal in the lawsuit leaves XRP price in limbo. Should the SEC go ahead with the motion, the chances of XRP joining the ODL will shrink, thus depriving the token of massive adoption and impacting its bullish trajectory. Downside risk may surge, igniting a 50% sell-off from the current value to $0.3 primary support.
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