New York: Ripple coin wavered at a crucial resistance level this week as Bitcoin and most major altcoins stalled.
According to Azeri-Press News Agency, Ripple was trading at $2.10 on Thursday, marking an increase of over 30% from its lowest point this month.
The most significant development for Ripple was a U.S. court’s decision to grant both Ripple and the Securities and Exchange Commission (SEC) a 60-day pause to negotiate a potential settlement. XRP’s price showed a mild reaction to the news, aligning with expectations from analysts and investors. The SEC has recently adopted a more conciliatory stance toward the crypto industry, ending lawsuits against companies like Coinbase and Uniswap.
Ripple Labs is optimistic that resolving the SEC lawsuit will enable it to forge new partnerships with financial institutions, including banks and money transfer companies. In a recent statement, Ripple CEO Brad Garlinghouse expressed his ambition to position Ripple as a faster and cheaper alternative to SWIFT, which currently processes over $150 trillion annually. Garlinghouse criticized SWIFT’s technology as outdated, built over 50 years ago, and costly to consumers, while Ripple offers faster transaction speeds with transfers completing in seconds at minimal cost.
In its continued efforts to enhance the utility of the XRP Ledger, Ripple recently integrated the Ripple USD stablecoin into its payment network. The company also acquired Hidden Road, a firm handling $10 billion in daily transactions, which it plans to migrate to the XRP Ledger.
Technical analysis suggests a potential bullish trend for XRP in the coming weeks. The outlook will become more promising if XRP surpasses the 50-day moving average, a level it has not exceeded since March 6. Additionally, XRP needs to break above the descending trendline connecting the highest swings since January 6. A further confirmation of upside momentum would occur if it climbs above $2.90, the shoulders of the head-and-shoulders pattern.
Meeting these conditions could propel XRP to its year-to-date high of $3.40, approximately 55% above its current level. However, this bullish outlook would be invalidated if Ripple falls below the neckline of the head-and-shoulders pattern at $1.9035.