As the SEC vs. Ripple lawsuit approaches its potential conclusion, XRP whales have been accumulating since February. The digital asset has seen steady gains over the past seven days, outperforming all other major cryptocurrencies as of March 27. The ongoing legal battle between Ripple and the SEC is expected to conclude by the end of March, and XRP’s price rally has brought it close to a resistance confluence zone.
This may lead to a bearish reversal in the coming weeks, with the next downside target at its multi-month ascending trendline support around $0.35, down about 25% from current price levels. On the other hand, a breakout above the descending trendline will have XRP price eyeing $0.60 as the next upside target, which has served as both support and resistance in previous sessions. Many observers, including legal expert John Deaton, believe that Ripple will win the case against the SEC, arguing that the regulator failed to give the company a fair notice before suing it for committing securities fraud.