- XRP price is recovering from the recent pullback after the defense legal team filed a response to the SEC Hinman brief.
- XRP price has seen a trend reversal and losses have been cleared in recent weeks despite bearish indicators.
- Analysts are bullish on the recovery of XRP, predicting an Altcoin comeback.
XRP’s price rally has helped the Altcoin recover its losses in recent weeks. The IS indicators The key technicals on XRP are still bearish, however, progress in the SEC case against Ripple has fueled bullish sentiment among investors.
Ripple prepares to go back due to progress in the trial
The price of XRP has plunged 27% in the past week as a bloodbath hit the stock market. cryptocurrencies. Altcoins and meme coins suffered huge losses after the Terra UST crash.
In the SEC proceedings against Ripple, the defendant’s lawyers have filed a response to the defense emails of the former director of the Corporate Finance division, William Hinman. The regulator requested that Hinman’s emails remain confidential; these emails were covered by attorney-client privilege.
The response filed by lawyers for the payment giant has sparked positive sentiment among investors and the altcoin, XRP, is on track to continue its recovery.
Bob Mason, a prominent technical analyst, assessed the price trend of XRP and predicted that the Altcoin would have to move through the pivot at $0.43 and target the former durability Significant at $0.50. With support from the broader cryptocurrency market, Ripple’s price may exceed $0.45.
The analyst expects XRP to extend its rally and test the resistances at $0.59 and $0.60 on its way up. If the price of XRP fails to break through the pivot, it is still at risk of falling to $0.34. XRP could crash below $0.34 and fall to $0.27 if the bears take control of the Altcoin.
@BONTESA_, a cryptocurrency analyst and investor, is bearish on Altcoin. The analyst maintains the opposite opinion and maintains that XRP is well on its way to $0.23.
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