Ripple price remains under pressure as investors seem to focus more on the technicals than the fundamentals. To begin with, concerns over the ongoing SEC lawsuit against Ripple have lessened. It helps that some influential policy quarters have highlighted their dissatisfaction with the SEC’s legal approach.
Recently, the Federalist Society, through its Regulatory Transparency Program (RTP) held an event based on the lawsuit. The focus was on whether, and to what extent, the SEC should alter the ideals of due process and the overall rule of law.
Nonetheless, technicals on the Ripple price chart remain the key driver. Since mid-May, the crypto has plunged by over 60%. As of mid-June, the crucial support-turn-resistance level of 0.8000 has been an evasive one for the bulls. For the bulls to gain control over the market, they will need to gather enough momentum to push the prices past the 200-day EMA to break past the resistance at 0.8000.
Besides, Bitcoin price movements are likely to continue impacting Ripple as one of the key altcoins. The largest crypto by market capitalization remains subject to high volatility. Since mid-May, BTC/USD has declined by over 42%. Based on the intertwinement in the crypto industry, the impact has spilled over to ripple price.
Ripple price forecast
Ripple price has erased some of Sunday’s gains. At the time of writing, it was down by 3.22% at 0.6753. It is trading along a prior resistance-turn-support level of 0.6750, which also happens to be along the 25-day exponential moving average. At the same time, it is slightly above the 50-day EMA.
In the near term, Ripple price is likely to trade within a tight range as it finds support at 0.6500 while experiencing some resistance at 0.7032. A move past the aforementioned resistance and support levels will place the next targets at 0.7302 and 0.6302 respectively.