Ripple’s case with SEC continues to drag on, affecting the XRP price
- The native token has gained by 0.97% in a week despite escaping a consolidation zone
- XRP was dislodged from the sixth position by Cardano’s ADA
Ripple XRP/USD is now the 7th largest cryptocurrency after posting negligible gains. Cardano, which has been surging lately, has claimed the 6th spot, previously held by XRP. A spot check of XRP on CoinMarketCap shows the token has just 0.97% gains in a week.
XRP’s failure to inspire a rally after a breakout underlines caution around its case with the SEC. A positive case outcome is expected to be a major boost for XRP. However, with investor sentiment shifting to alternative tokens, XRP could remain subdued.
Nothing confirms the likely winner in the tussle expected to shape the direction of crypto regulation. However, Ripple has been winning small milestones ahead of the expected ruling. On August 3, a US judge Sarah Netburn allowed Ripple access to videos of SEC officials. The case outcome is expected before the end of the year, although delays are still possible.
XRP fails to rally after a breakout from a consolidation channel
Source – TradingView
Technically, XRP has kept the $0.375 support intact. It is the breakout zone from the consolidation channel. However, momentum is weakening, with the MACD line crossing below the moving average. The token is also sliding below the 21-day moving average.
XRP remains bullish, but momentum is waning. That could be due to investor concerns regarding the outcome of the case with the SEC. Should the case outcome be positive, XRP would explode to new levels.
A positive projection of the case could also trigger XRP jump above the current level. Investors should be aware that XRP could slide further at the current level as momentum wanes.