Is it the perfect time to buy XRP after a 6% drop?
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XRP has dipped 6% in the past week but remains on bullish momentum.
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The case pitting Ripple executives and the SEC is at the center of a possible rally.
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The latest order by a US federal court on the legal matter has overruled the commission.
Ripple XRP/USD is down 2% in the past day and 6% in the past week. The token is currently ranked the sixth-most valuable crypto, with a market capitalization of $22 billion.
Ripple is one of the earliest blockchain projects and the firm operating XRP. The latter is a payment solution developed in 2012 for asset transfer across financial institutions. Other Ripple services include digital assets liquidity and CBDC management.
One glaring fundamental about Ripple is a case pitting it with the SEC. The legal tussle dates back to 2020. In the matter, Ripples executives Brad Garlinghouse and Chris Larsen are accused of flaunting securities laws in 2013.
Despite the case dragging on for quite some time now, the latest developments favor Ripple. US Federal judge, Analisa Torres, directed on September 30 that the agency provide essential documents to the case. It is the second time the commission is being fronted with such an order. Aside from the case and Ripple use cases, the technical outlook shows a retracement.
XRP retests $0.44 price level
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Source: TradingView
Based on the daily chart above, XRP has retreated to $0.44. The price was last seen on September 28. A further look shows a significant gain on September 16. In the period, the token moved from around $0.32 to an intraday high of $0.56. For the momentum, the Stochastic Oscillator is at a neutral point.
Concluding thoughts
XRP has retesting a key support level amid a bullish momentum. The token, however, could be at a tipping point. It is trading just above the 20-day moving average. A drop below the level could invalidate the bullish momentum. It is not a perfect time now to buy XRP. Investors should wait for an apparent trend reversal and confirmation of a bullish price action signal.
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