Ripple Price Analysis — May 3
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It has been another bullish few days for Ripple (XRP), despite the absence of any stimulating factor from Friday’s court hearing.
The case between the Securities and Exchange Commission (SEC) and Ripple Labs has been uneventful for a while now, but that did not stop the XRP from trading higher on Friday and maintaining a bullish outlook through the weekend.
That said, investors’ focus is now trained on Thursday, May 6, when a closed session is expected to hold.
The SEC and Ripple have been in a legal battle since December, last year because Ripple allegedly offered illegal token sales. Despite many other cryptocurrencies sharing similar qualities with XRP, the SEC’s motivation to go after Ripple eludes many, and the outcome of this case would set the tone for the entire industry.
The case got initiated by the former SEC boss in his last days in office. However, industry players are hoping that the new Chairman, Gary Gensler, will provide more clarity and direction to the case.
The case was put forward by the previous SEC boss in his final days in the role and incoming head Gary Gensle was hoped to provide some clarity and direction. As yet, nothing has changed, but we have seen some upside in price.
That said, if the case settles in favor of Ripple, the cryptocurrency’s status will get clarified, and a massive rally could get triggered.
Key XRP Levels to Watch — May 3
Following its bullish spike on Friday, Ripple appears to have fallen into consolidation between $1.6320 and $1.5320. That said, we could see a sideways continuation over the coming hours for the XRP despite the broader bullish sentiment in the market.
However, a bullish resumption for the cryptocurrency can be achieved if it posts a clean break above the $1.6500 resistance.
Meanwhile, our resistance levels are $1.6500, $1.7000, and $1.7500, and our support levels are $1.5320, $1.5000, and $1.4500.
Total Market Capitalization: $2.3 trillion
Ripple Market Capitalization: $73 billion
Ripple Dominance: 3.1%
Market Rank: #4
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