- Matrixport analysis firm has spotted a crucial signal for XRP.
- XRP’s RSI signals an imminent rebound for the cryptocurrency.
- The expected XRP rebound would depend on the outcome of Ripple’s case Vs the SEC.
Asia-based digital assets analysis platform Matrixport has spotted a key signal for XRP. The platform highlighted a potential breakthrough for the altcoin, with the relative strength index (RSI) signaling a rebound. However, Matrixport noted that the SEC’s regulatory uncertainty remains a concern to the future of XRP.
Related: Whales Accumulate 60 Million XRP In What Might Be A Positive Signal
The crypto community started paying close attention to XRP after Ripple’s partial victory in court back in 2023. Following the ruling, Ripple and the SEC engaged in more exchanges in a continued court process. Even though there were no major final court rulings throughout 2024, related events slanted at Ripple’s chances for a win in the litigation, which can directly influence XRP’s price.
Most crypto community members regard Ripple’s legal battle with the SEC as the most notable regulatory fiasco in the crypto industry. It has dragged on for many years, with several twists and turns. Hence, the crypto community’s focus on the case, considering it a potential determinant of the overall regulatory direction for the crypto industry.
Will New SEC Leadership Help XRP? Analysts Watch Closely
Per the SEC’s current situation, with a change of leadership that suggests the possibility of a more friendly regulation, including the potential of dropping the case against Ripple, many crypto analysts are paying attention to what may become of XRP. Therefore, Matrixport’s latest revelation joins the ongoing scrutiny of XRP’s price to determine the cryptocurrency’s next move.
Related: Did the SEC Just Acknowledge XRP as a Commodity? Here’s What Experts Are Saying
Matrixport’s technical analysis using the RSI indicator suggests that XRP is ready for a significant rally after a sustained retracement from the middle of January. The altcoin reached a $3.4 yearly high before making a 48% retracement ahead of a sideways movement. XRP traded for $2.56 at the time of writing amid the observed bullish signal.
Analysts expect a favorable outcome in the Ripple Vs. SEC will boost XRP’s bullish outlook and trigger a much-expected rally that will lead to more price discoveries for the altcoin.
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