The ongoing SEC vs Ripple case continues to hold significant influence over the XRP price, with expectations of closure before year-end. As the anticipation of a Ripple win attracts more buyers, the bulls face strong resistance around the 54 cents mark, the same level at which XRP succumbed after the SEC’s charges in December 2020.
Ripple Labs, undeterred by the legal battle, remains focused on building international business connections to secure its growth prospects. The utilization of On Demand Liquidity and RippleNet products by companies outside the United States significantly bolsters the XRP market.
XRP Price Analysis & Market Outlook
Egrag Crypto’s detailed XRP price analysis suggests that further consolidation is on the horizon unless the bulls manage to surpass the 2021 tops. The analyst reassures that within the macro schema, XRP’s retracement and chart movements are normal, leaving no room for concern. The analyst predicts that the XRP price will range between the Fibonacci channel of 0.786 and 0.618 until the digital asset revisits its 2021 highs.
Despite the price continuously dipping to lows, Egrag Crypto remains committed to dollar cost averaging (DCA) in the XRP market. The analyst asserts that there is a 35% chance of the market remaining neutral, a 40% chance of a bullish outcome, and a 25% chance of a bearish outcome.
Ripple CEO Reveals $200 Million Spent in SEC Battle
During a recent Dubai event, Ripple CEO Brad Garlinghouse disclosed that the company has invested nearly $200 million in fighting the SEC. While acknowledging the case’s implications for the entire crypto market, Garlinghouse expects the XRP market to be the primary beneficiary.