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XRP is down 6% over the past week but remains on bullish momentum.
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The case of Ripple executives and the SEC is the focus of a possible rally.
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The Commission has overturned a recent order from a US federal court in the case.
Ripple XRP/USD is down 2% over the past day and 6% over the past week. The token is currently the sixth most valuable crypto with a market cap of $22 billion.
Ripple is one of the earliest blockchain projects and the company that powers XRP. The latter is a payment solution developed in 2012 for the transfer of wealth between financial institutions. Other Ripple services include digital asset liquidity and CBDC management.
One glaring basis for Ripple is a case where it is being filed with the SEC. The lawsuit dates back to 2020. In this matter, Ripples executives Brad Garlinghouse and Chris Larsen are accused of flaunting securities laws in 2013.
Although the case has been dragging on for some time, the latest developments speak in favor of Ripple. US federal judge Analisa Torres on September 30 ordered the agency to produce documents essential to the case. It is the second time that the Commission has been confronted with such an order. Aside from the fall and ripple use cases, the technical outlook shows a retracement.
XRP is retesting the $0.44 price level
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Source: TradingView
Based on the daily chart above, XRP has retreated to $0.44. The price was last seen on September 28th. Another look reveals a significant gain on September 16th. During this period, the token moved from around $0.32 to an intraday high of $0.56. For momentum, the stochastic oscillator is at a neutral point.
Final Thoughts
XRP has retested a key support level amid bullish momentum. However, the token could be at an inflection point. It is trading just above the 20-day moving average. A drop below the level could negate the bullish momentum. Now is not a perfect time to buy XRP. Investors should wait for an obvious trend reversal and confirmation of a bullish price action signal.
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