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Don’t Buy Ripple Until This Happens!

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Altcoin Daily analyst Austin Arnold advised investors not to buy Ripple (XRP) until a critical event occurs. The analyst’s warning comes at a time when XRP is in a strong uptrend to its rivals.

“Don’t buy Ripple (XRP) until this happens”

Austin Arnold advised investors not to buy XRP until the ongoing SEC lawsuit is clear. Despite XRP’s potential, litigation remains a major concern for investors.

Long skeptical of XRP, Austin focused on technical analysis to make his assessment. He acknowledges that XRP has spent about a year, ranging from $0.33 to $0.50, an accumulation of supply. However, he states that he has seen a change in recent weeks as XRP climbed above 55 cents and closed with a strong candle last week.

XRP bull scenario

Austin says that if XRP can break last week’s highs, there’s not much in the way of it until it hits $0.85 or even a dollar. He suggests that the market may react in anticipation of a positive outcome for XRP’s Ripple in the case. However, until the case is clear, Austin advises investors to delay buying XRP.

How will the Ripple-SEC lawsuit affect XRP?

The ongoing Ripple-SEC lawsuit has been a major factor in XRP’s price action. In December 2020, the SEC filed a lawsuit against Ripple Labs, accusing the company and its executives of raising $1.3 billion through the sale of XRP in unregistered securities offerings. Since then, the price of XRP has been on a rollercoaster ride, rising and falling in value depending on the developments in the case.

In particular, the last few weeks have revealed how positive news from the case can quickly affect the XRP price. cryptocoin.com As we reported, XRP broke the record for transaction volume on the largest exchanges in South Korea.

Why may April be one of the best months for Ripple?

Since 2014, the XRP price has shown double-digit percentage price changes nine times six times in April. Thus, it has been one of the best months for cryptocurrency, with an average plus 32% price change. The only exceptions were 2015, 2016 and 2019.

Historically, we can see that spring is usually a favorable season for XRP. Despite some periods, such as March 2022, when XRP managed to close even on the plus side, the average increase in the price of XRP in these three months was 28.5%.

XRP’s latest performance

XRP broke free from the downtrend on the 12-hour timeframe, giving the sidelined investors an opportunity to buy the dip. At the time of writing, it is trading sideways above $0.50. If the price continues to decline, the bears will attempt to push the price back below $0.47. If this level gives way, it could head towards $0.43.

On the other hand, if buyers push the price above the general zone of $0.56 to $0.58, the pair could rally to $0.65 and then $0.80. While the slight rejection could be seen as a short-term correction before the next climb above the mentioned resistance area, $0.42 acts as critical support in the event of a sudden drop.

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