Ripple lawsuit has been been a game of ping-pong with motions being filed, denied, and parties objecting. These developments have been impacting the movement of XRP as market volatility remains high. The asset was witnessing periods of surge followed by correction since May.
At the time of press, the asset was moving sideways and trading at $0.8658.
XRP 12-hour chart
Source: XRPUSD on TradingView
XRP rejected resistance at $1.06 twice and was now consolidating at $0.86. The high bearishness in the market may keep the price low but it could drop further. The market was showing signs of rising selling pressure and it could push XRP down to $0.7851.
Reasoning
Visible Range marked the point of control in the current period at $1.38. This was a 57% leap from the current price and a difficult target to achieve. However, the trading activity has been maintained at the $0.86 price level which caused the price to move sideways.
The ongoing consolidation has also brought down momentum. Even though Awesome Oscillator remained under zero since early May, consolidation has squeezed out even the bearish momentum. Traders may have to pay attention to a sudden shift in volatility.
Stochastic RSI remained in the oversold zone confirming high selling pressure in the market. Nevertheless, the indicator suggested a fight from the buyers as RSI tried to crossover the signal line.
Conclusion
The XRP market was seeing restricted movement within a short price range. It noted a downward pressure as Parabolic SAR markers moved above the price bars. This bearishness could push the price lower to $0.7851. The market lacked momentum at the time of press.
