• XRP price has been trading bullish for a long time, however it is now facing bearish pressure ahead of the approaching crucial juncture.
• The Ripple vs SEC lawsuit is gaining more traction and is believed to impact the price positively.
• If the bearish pressure intensifies, XRP may drop below $0.4, constituting a 8-15% plunge.
XRP Price Displaying Weakness
The XRP price has shown strength in recent times with consecutive bullish candles. However, it is now facing bearish pressure as the buying pressure has dropped due to sluggish Bitcoin prices and higher highs that have exhausted buyers’ strength. There is a possibility of a bearish divergence if the price fails to hold at crucial levels.
Ripple vs SEC Lawsuit
The Ripple vs SEC lawsuit is gaining more traction in recent times as speculations around the procurement of the final ruling revolve around the crypto space. This could lead to increased volatility and possibly an upward movement in XRP prices over time.
Bearish Pullback Imminent?
If failed to hold at these crucial levels, then a plunge below $0.4 may be imminent with targets revisited to $0.426 initially and potentially dropping down further to $0.392 if there’s an extended drop – which would constitute an 8-15% decrease in value overall .
Impact on Market
The impact of this potential pullback will be felt across the market as other altcoins are likely to follow suit due to their correlation with Bitcoin prices and expected downward movement of XRP prices over time .
In conclusion, XRP prices may experience a bearish pullback if they fail to hold at current levels due to lack of buying pressure from investors and increasing speculation surrounding the Ripple vs SEC lawsuit impacting market volatility in favor of positive momentum for XRP prices over time .