Analysis of Ripple's Price Movement

The decline in Ripple's price is closely tied to the sharp drop in Bitcoin's value on Monday, which managed to sustain the $60,000 support level. Ripple's price exhibited a significant technical pattern on June 7 when it broke downward from a symmetrical triangle formation. This pattern was part of a setup that did not favor a bullish market sentiment.

Ripple's Critical Phase

After finding support at $0.45, Ripple's price revisited the lower trend line of the symmetrical triangle and continued to decline. The altcoin is currently trading below the 50-day and 200-day simple moving averages (SMA) and is encountering resistance at $0.5. Nevertheless, Ripple's price is currently at a critical juncture. Despite indications of a double bottom formation on the chart, other market structures propose the potential for further downward movement for the token.

If a double bottom formation occurs, Ripple could surge by 14%, aiming for $0.54. Conversely, breaching the current support level could lead to a drop towards $0.42 before a possible recovery. The monthly chart for Ripple paints an optimistic picture, suggesting a potential surge to $700. However, the realization of this scenario largely depends on the outcome of Ripple's legal battle with the SEC.

Ripple's Current Metrics

Meanwhile, Bitcoin's price dipped below the $60,000 support level early on Monday, sparking market panic. However, the bulls promptly responded and pushed the price back above this support level. Despite this recovery, Bitcoin's price remains below the 50-day SMA, with the relative strength index (RSI) slightly above the oversold zone. The 200-day SMA serves as solid support at the $60,000 level.

Ripple and the US Securities and Exchange Commission (SEC) have until July 8 to reassess their motion to seal documents. Once these filings are submitted to the court, a significant settlement phase could unfold. Technical analysis expert MekaMark forecasts a potential value increase of 100X to 300X for Ripple over the next 24 months. Moreover, if Ripple emerges victorious in the SEC case, an XRP price within the $30-32 range is anticipated.