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Expert Says Patience Is Key As XRP Hovers Around $2 Ahead Of The Ripple-SEC In August

XRP is currently holding steady around the $2 level, but crypto analysts suggest that traders hoping for a quick breakout may need to wait a little longer. During this time, market expert Egrag Crypto emphasizes the importance of patience as all eyes turn to the upcoming Ripple-SEC legal update in August. With this long-running court battle still hanging over XRP, the outcome of the legal case could significantly impact the cryptocurrency’s next big move. 

XRP Tests Key Resistance Before Next Big Push

CoinMarketCap data shows that XRP is consolidating just below the critical $2 psychological level after a volatile price rejection, which Egrag Crypto described as a “nasty candle” on the 12-hour chart. Over the past few weeks, the token has been gradually building momentum, inching closer toward a breakout above a long-term descending trendline that could signal a return of its previous bullish trend. 

The chart shows that the price had attempted to escape this persistent downtrend marked by a yellow resistance line within a wedge pattern. However, the move faced immediate resistance near $2.23, where the cryptocurrency’s price was swiftly pushed back, forming a large upper wick that confirmed heavy selling pressure or profit-taking activity at higher levels. 

XRP

Despite this rejection, Egrag Crypto stressed the need for patience during this crucial market phase, especially with the legal battles between Ripple and the SEC still ongoing. While XRP continues to hover around the $2 support zone, the overall chart still shows a bullish setup forming. 

Potential targets are clearly mapped at $2.2 and $2.32 if the altcoin can reclaim and sustain levels above the descending trendline. A downside retest is also possible near the $1.90 region, which has been marked as a key accumulation zone.

Ripple-SEC Delay Puts XRP Breakout On Ice

Based on Egrag Crypto’s analysis, the sudden rejection of XRP’s price occurred in tandem with new developments in the ongoing legal battle between Ripple and the US SEC. A joint filing submitted to the Second Circuit Court by Ripple and the regulator requested a pause in the appeal process, pending a decision from the district court on a motion for an indicative ruling. Notably, this decision has now been delayed until August 2025. 

This delay adds a layer of uncertainty that could influence short-term market sentiment. Egrag Crypto highlights that just as XRP was attempting a breakout, legal headlines shifted the narrative, possibly prompting traders to step back. The analyst noted that this pause in an overdue court battle could give institutional players more time to prepare and potentially step in around the $2 level. 

With August now set as a critical point in the ongoing legal battle, XRP’s breakout potential may remain on ice for now. Until a ruling is issued, the cryptocurrency’s price action is likely to stay in a holding pattern, with the market caught in between waiting for technical breakout confirmations and clarity from the courtroom about a resolution in the Ripple-SEC case.

XRP

from Bitcoinist.com https://ift.tt/tZwXAfC
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