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Bitcoinist
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Expert Says Patience Is Key As XRP Hovers Around $2 Ahead Of The Ripple-SEC In August
- XRP is maintaining its position around $2 as traders anticipate a breakout, but experts advise patience amidst the Ripple-SEC legal battle.
- Market analyst Egrag Crypto emphasizes the importance of waiting as the market awaits the upcoming legal update in August.
- XRP is near the $2 level and is showing signs of building momentum towards breaking a descending trendline.
- Despite facing resistance near $2.23 and a recent rejection, a bullish setup is evident on the XRP chart.
- Potential targets for XRP are at $2.2 and $2.32 if it can sustain levels above the descending trendline.
- A downside retest near $1.90 is also possible, marked as a key accumulation zone.
- A legal delay in the Ripple-SEC case has brought uncertainty, impacting short-term market sentiment.
- Ripple and the SEC requested a pause in the appeal process until August 2025, delaying a decision on an indicative ruling.
- The legal pause amid XRP's breakout attempt might lead institutional players to enter the market around the $2 level.
- XRP's breakout potential remains uncertain until the legal ruling in August, keeping the market in a holding pattern.
- Traders are advised to monitor technical breakout confirmations and legal developments to gain clarity on XRP's future price action.
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