Bearish Pattern Threatens XRP Price For Longer Correction, But Will it?

The XRP/USDT pair has been wavering in a sideways rally for the past four months. However, following the April-May bloodbath, this consolidation represents an inverted pennant pattern.

Timeline of Xrp

As the SEC and Ripple case continues to drag on, new developments are surfacing week-in and week-out. New anonymous players are joining the lawsuit to restrict the exposure to their respective organizations.

The U.S. Securities and Exchange Commission (SEC) Vs Ripple, XRP case has entered into the much awaited summary Judgement phase. Both parties recently submitted motions regarding the proceedings.

During the European session, the XRP price is up 7.5%, bringing nostalgic price action back to the market. More than 4.3 million unique addresses now hold XRP, Ripple's native token. Despite facing its own set of difficulties and the persistent Crypto Winter that has driven several assets to multi-month lows, the XRP coin has reached this milestone.

The price of Ripple (XRP) is in a downtrend as the altcoin drops below the moving average lines. Today, the cryptocurrency value is declining as buyers are unable to keep the price above the moving average lines.

It is quite a bearish day for Ripple price analysis today, as the entire market is in a dip following the Ethereum marge. Ripple's price has undergone a significant drop compared to the last 24 hours, as it currently trades for $0.32771.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. XRP did not have a very interesting time on the price charts in the last few days.

The Ripple vs SEC dispute began in December 2020 and is continuing to date, with no hopes of a resolution anytime soon. Recently, both the US Securities and Exchange Commission and Ripple defendants filed joint proposals in regard to the XRP lawsuit's summary judgment.

Ripple [XRP], since entangled with the SEC, barely managed to receive any support in the form of cryptocurrency-related projects. Although, post the grant of the Amicus Curiae status to XRP holders represented by attorney John Deaton, narratives might have taken a turn.

A legal expert who is closely following the U.S. Securities and Exchange Commission's (SEC) crypto case against Ripple says the outcome of the lawsuit could impact “the entire space for years to come.” Attorney Jeremy Hogan, an XRP proponent, tells his 226,500 Twitter followers that it's a “huge week” in crypto law for two reasons.

The Securities and Exchange Commission and Ripple Labs are battling each other, and the cryptocurrency advocacy group Chamber of Digital Commerce (CDC) has asked to join the case as an amicus curiae (Latin meaning friend of the court). On Wednesday, CDC submitted a number of documents to the Southern District of New York's district court,