The Ripple price has been both hot and cold in the last few trading sessions. Month-to-date, the XRP/USD is deep in red, sinking over 40 percent against the greenback, equally sliding against ETH and BTC.
The uncertainty of the ongoing court case coupled with market-wide losses, especially of BTC, is heaping sell pressure on XRP, forcing the coin lower.
However, XRP appears to be finding support from critical support levels, as the price action of the last few days reveals.
Ripple has solid plans for XRP and ODL
Ripple executives have big plans for XRP and On-Demand Liquidity (ODL).
Of note, Asheesh Birla said they would aggressively market the solution in 2021. That was in 2020 before the SEC said it would sue Ripple Labs and some of its executives.
Therefore, if that is the case, the XRP price could significantly expand once the ongoing case is resolved.
Note that even with the court case, more companies opted for the ODL as a cheaper remittance alternative, buying more XRP, as read from the Q1 2021 report.
Ripple Likelihood of Going Public is “Very High”
At the same time, Ripple’s CEO, Bradley Garlinghouse, has said they will continue with their listing plans once the SEC case is concluded.
During the Consensus 2021 conference on Wednesday, the CEO said the likelihood of Ripple becoming a public company is “very high.”
Therefore, the determination of the court case is critical for the blockchain-based remittance company, which, after all, will rely on the SEC for approval.
Ripple Technical Analysis
The XRP/USD price has support at around $0.85—September 2018 highs and a previous resistance now support.
Notably, the XRP/USD prices are trending inside a bull bar with lighter trading volumes. The May 23 and 24 double-bar bullish reversal pattern and subsequent candlesticks would determine the short and medium-term trend of XRP.
A high volume close confirming gains of May 23 opens doors for XRP prices to resume gains of Q1 2021 with targets at $1.60 and $2.
On the reverse side, losses below $0.85 may trigger a sell-off with immediate targets at $0.40 or March 2021 lows in a bear trend continuation of H2 May 2021.
Chart Courtesy of Trading View
Disclosure: Opinions Expressed Are Not Investment Advice. Do Your Research.