- XRP price witnessed a recovery from the recent pullback after the defense team of lawyers submitted a response to the SEC’s Hinman brief.
- XRP price has witnessed a trend reversal and wiped out losses over the past few weeks despite bearish indicators.
- Analysts are bullish on XRP recovery, and predict a comeback in the altcoin.
XRP price rally has helped the altcoin recoup its losses over the past few weeks. Key technical indicators in XRP continue to remain bearish, however, the progress in the SEC vs. Ripple case has fueled a bullish sentiment among investors.
Ripple set to rally with positive developments in the lawsuit
XRP price has plummeted 27% over the past week as a bloodbath hit the crypto market. Altcoins and meme coins suffered massive losses after Terra’s UST crash.
In the SEC’s proceedings against Ripple, the defendant’s lawyers have filed a response to the protected emails of the former director of the division of Corporation Finance, William Hinman. The regulator has requested for Hinman emails to remain under wraps; these emails were covered by the attorney-client privilege.
The response filed by the payment giant’s lawyers has fueled a positive sentiment among investors and the altcoin, XRP, is on track to continue its recovery.
Bob Mason, a leading technical analyst, evaluated the XRP price trend and predicted that the altcoin would need to move through the pivot at $0.43 and target the first significant resistance at $0.50. With broader crypto market support, Ripple price can break past $0.45.
The analyst expects XRP to extend its price rally and test resistances at $0.59 and $0.60 in its upward climb. If the XRP price fails to push through the pivot, it remains at risk of plummeting to $0.34. XRP could plunge to sub $0.34 and drop as low as $0.27 if bears take control of the altcoin.
@BONTESA_, a crypto analyst and trader, is bearish on the altcoin. The analyst holds the opposite view and argues that XRP is well on its way to $0.23.
$XRP Weekly perfectly on it's way to $0.23
— SB INVESTMENTS (@BONTESA_) May 14, 2022
Once $BTC has it's next leg down xrp will easy follow to our next weekly & monthly closure support at $0.23.
This week we fell 42% so another 45% is very doable from current prices. Volume profiles most volume sits at $0.21 so it aligns pic.twitter.com/xFh5GwXg2I
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin, Ethereum and XRP steady as China slaps 125% tariff on US, weekend sell-off looming?
The Cryptocurrency market shows stability at the time of writing on Friday, with Bitcoin (BTC) holding steady at $82,584, Ethereum (ETH) at $1,569, and Ripple (XRP) maintaining its position above $2.00.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
Bitcoin, Ethereum, Dogecoin and Cardano stabilze – Why crypto is in limbo
Bitcoin, Ethereum, Dogecoin and Cardano stabilize on Friday as crypto market capitalization steadies around $2.69 trillion. Crypto traders are recovering from the swing in token prices and the Monday bloodbath.
Can FTX’s 186,000 unstaked SOL dampen Solana price breakout hopes?
Solana price edges higher and trades at $117.31 at the time of writing on Friday, marking a 3.4% increase from the $112.80 open. The smart contracts token corrected lower the previous day, following a sharp recovery to $120 induced by US President Donald Trump’s 90-day tariff pause on Wednesday.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin (BTC) price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.