XRP plunged for a 3rd successive month in June. As cryptocurrency headwinds halt progress, the Ripple vs. SEC ruling might trigger a breakout.
XXRP lost 21.15% in June, stretching May’s 28.04% slump to close the month near $0.3321. Bearishness early on the month had XRP falling to its current $0.2868 yearly low on 18 June from the $0.4260 high of 2 June.
Extended declines had the remittance token navigating the territory of its month’s initial massive support at $0.2848. The alt secured foothold during the month’s second half to revising $0.38 before sliding to close the month at around $0.3321.
Cryptocurrency headwinds such as recession fears and Fed’s hawkishness led to gradual shifts towards a more regulated market, weighing crypto prices. Moreover, faded progress towards concluding the Ripple v SEC lawsuit tested XRP’s grounds in June. Hopes of outcomes favoring Ripple (XRP) restricted the downside pressure. However, updates from the case drew attention throughout the month, regardless of the absence of progress towards conclusions.
Hinman’s Ruling Crucial for XRP
Recent weeks saw Ripple and the SEC filing letters and motions about amici and expert testimony. Nevertheless, market players concentrated on William Hinman. For the remittance token, the pending ruling on the SEC’s move to protect Hinman’s 2018 speech-associated documents might turn the SEC’s suit on its head. Investors have been expecting the court decision since 16 June, and a ruling could emerge.
While the court ruling on Hinman’s speech holds the key, crypto market headwinds will influence too. Investors should consider regulatory landscape shift, U.S economic data, and Fed’s fiscal policy.
XRP July Forecast
While publishing this content, XRP traded at $0.3124, 5.93% down in the current month. Choppy actions early in July had XRP climbing towards the $0.3353 high before plunging towards the $0.3088 lows. The alt didn’t test monthly resistance and support zones.
Moving past the pivot at $0.3480 would see XRP eyeing the initial resistance at $0.4094 in July. Meanwhile, stretched upside would see the remittance token testing the 2nd massive resistance at $0.4874 before heading towards the hurdle near $0.50. The 3rd crucial obstacle stands at $0.2708.
Nevertheless, the court’s decision on the Hinman documents would alleviate the effect of the crucial resistance and support zones. A ruling in favor of XRP would bolster upswings towards $0.60 before Ripple targets the $0.9154 2022 high. Contrarily, an outcome favoring the SEC would see the token hitting the $0.1710 December lows before contemplating recoveries.
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