XRP Price Faces Multiple Rejections Dampening Bullish Momentum Ripples Dream Turns Into a Nightmare

The recent news of the SEC ending their investigation into Ethereum 2.0 has caused a stir in the crypto community, particularly among XRP holders. This has led many to believe that the SEC is shifting its focus away from Ripple and towards other cryptocurrencies. Analyst Cheeky Crypto has noted that the XRP community is abuzz with reactions to this decision, with some feeling that Ethereum has been given a free pass while Ripple continues to be scrutinized.

Despite this, there have been talks of a possible settlement between Ripple and the SEC, which has boosted demand for XRP. However, the continuous back-and-forth between Ripple and the SEC is like a high-stakes chess game, with every move impacting XRP price predictions. Regulatory clarity and technological advancements are key factors that could act as catalysts for massive price action for XRP.

According to cryptocurrency analytics platform Santiment, XRP and Cardano are among the most heavily shorted cryptocurrencies following their recent relief rallies. The future of Ripple XRP’s price hinges on these developments, and the technical analysis for XRP suggests that it is currently facing strong resistance around $0.513 on both the 50-day simple moving average and the exponential moving average. The Stochastic RSI is nearing overbought territory, which could signal a potential downward shift in momentum. If XRP fails to hold above key support levels around $0.4188, we might see further declines towards $0.35-$0.36. However, if XRP manages to break above its moving averages and the 200-day EMA at $0.546, this could attract bullish momentum.