XRP is currently trading within a narrow range and is having difficulty breaking above the $2.25 level. While it’s uncertain if there will be significant price movement in May, analysts believe that June could be the start of a new rally.
The focus now shifts to the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple. June 9 is an important date in the case, as the SEC is expected to submit a status report on settlement discussions. It is anticipated that about a week before this date, the SEC will issue a Sunshine Act notice, signaling a vote to drop the appeal and lift the injunction against Ripple.
If this happens, it must be done before June 9 to allow the SEC enough time to finalize court documents. The next two to three weeks could be crucial for XRP based on this timeline.
Predictions about the impact on XRP’s price are mixed. Some expect a rally, possibly a 20% increase followed by a pullback, while others believe the market could react sharply, with a potential 3x move.
In terms of price analysis, XRP is showing weak bullish momentum and is still affected by a long-term bearish divergence. The token is currently in a downward trend with lower highs and lower lows on the 3-day and daily charts. Despite some short-term relief, XRP is struggling to maintain upward movement, similar to Bitcoin.
At present, XRP is trading near a support level between $2.15 and $2.17. If this support fails, the next important level to watch is just above $2.00, followed by a weaker support area near $1.95. Holding above these levels is crucial to avoid further decline. On the upside, resistance is expected around $2.35, with stronger resistance between $2.45 and $2.50.
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