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During a week of instability for cryptocurrency markets, with the industry facing multiple enforcement actions from the SEC, all eyes are on Ripple and the upcoming release of the Hinman documents on June 13.

With Gary Gensler’s SEC now suing both Binance.us and Coinbase, the aftermath of SOL, ADA, BNB, and MATIC being labeled as securities has resulted in a downside trend dominating the charts.

However, Ripple (XRP) is one project that is defying the FUD and seems to be heading towards a positive case outcome after three years of legal drama with the SEC.

Ripple Price Analysis: XRP Poised for Breakout Move?

XRP is currently trading at $0.52, with a 24-hour change of +0.76%. Upside momentum appears to be gaining for XRP as the price pushes up to re-test local topside resistance.

Despite fundamental concerns in the market, the ongoing resistance level around $0.54 has plagued price action since the end of March. However, XRP appears to be primed to breakthrough.

After 11 days of consolidation at these levels, there is strong technical under-footing to conviction at the current price. With the MA20 still sitting down at $0.49, bullish momentum appears to be holding with no retest of support here since Monday.

Maintaining bullish form above these moving averages appears to have sheltered XRP from the worst of the SEC’s onslaught, with markets eagerly awaiting the release of the Hinman documents on June 13.

The RSI indicator, however, provides some cause for concern since it has failed to cool off from a strong overbought signal despite the lengthy consolidation period. Reading a bearish 60.55, this oscillator suggests that the price could need to push down lower ahead of a future upside swing.

The MACD provides some contrast to this, with the rival indicator reading a bullish signal at 0.0028.

XRP Price Prediction: Will Ripple Surge Ahead of June 13?

Against a backdrop of tough fundamental headwinds, Ripple stands uniquely poised, having already endured a long road ahead and now facing many leading projects.

With technical structure in healthy bullish form, the prospect of an upside move for XRP emerges as a ‘when’ not an ‘if’, with the RSI hinting a retrace down to the MA20 possibly on the cards ahead of a bounce.

This leaves XRP with a short-time frame upside target at $0.575, which is a +8.98% move. However, downside risk remains significant, with a retracement down to the ascending MA20 at $0.4975 (-5.71%) possibly on the cards ahead of June 13.

Overall, Ripple’s current risk: reward structure sits at 1.57, an alluring entry ahead of a potential seismic development in the SEC v. Ripple case.

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Disclaimer: The cryptocurrency projects endorsed in this article are not financial advice from the publishing author or publication. Cryptocurrencies are highly volatile investments with considerable risk, so it is always important to do your own research.

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