• XRP price is experiencing a bearish pullback as it fails to break the resistance at $0.46.
• The volume has dropped and the RSI is hinting at a potential pullback in the near future.
• If the bearish pressure intensifies, the price may drop below $0.4, reaching $0.392 and potentially an extended drop of 15%.
XRP Price Displaying Weakness
The Ripple vs SEC lawsuit is gaining more traction recently and this has caused speculation about its final ruling that could cause a rise in volatility and have a positive impact on price. However, while XRP has been bullish for a long time, recording consecutive bullish candles, current indications are pointing towards a bearish divergence due to lack of buying pressure and higher highs that have exhausted buyers‘ strength.
Bearish Pullback Possible
The XRP price has been unable to break through resistance of $0.46 which has resulted in consolidation within a narrow range and hints towards a possible bearish pullback if it fails to hold these levels. Should this be the case then it could result in an 8% drop initially down to $0.426 with an extended drop potentially reaching 15% down to $0.392.
Impact of Bitcoin Prices
The sluggish prices of Bitcoin have had an effect on altcoins such as XRP leading them to trade sideways with low buying pressure due to investors waiting for Bitcoin’s move before investing elsewhere, thus affecting their own prices adversely until they show signs of stability again or break resistance points like with XRP’s current situation at $0.46.
Ripple’s Future Uncertainty
The outcome from Ripple vs SEC lawsuit still remains uncertain as we await further news on the subject matter that will likely affect both volatility and prices either way depending on what transpires between now and when the final ruling comes into effect no doubt causing further speculation among traders who will update their strategies accordingly until then..
XRP appears weak at present despite recording consecutive bullish candles but there’s still hope for recovery if it manages to hold above crucial support levels or breakout above resistances though there remain uncertainties regarding its future due to Ripple vs SEC lawsuit making investors wait until its outcome become clear before acting upon any new information they receive going forward