As a seasoned analyst with over two decades of experience in the volatile world of cryptocurrencies, I’ve seen more than my fair share of market swings and trends. The recent surge in XRP price from $0.50 to $0.58, a 16% increase, has certainly caught my attention.
Following a market bounce-back, the price of XRP climbed significantly from $0.50 to $0.58, representing a 16% increase. This upward movement can be attributed to the debut of Grayscale’s Trust fund and XRP’s reappearance on Robinhood. With bullish momentum continuing, Ripple coin is primed to break free from the symmetrical triangle pattern that has been in place since last September.
XRP Price Hints at Bottom Reversal as Legal Clouds Begin to Clear
Investor interest in XRP is rekindling as a result of several new developments that have occurred since the conclusion of its protracted legal dispute with the U.S. Securities and Exchange Commission (SEC). A federal judge mandated Ripple Labs, a blockchain solutions provider, to pay a penalty of $125 million in civil fines, representing a substantial reduction from the original demand of $2 billion by the U.S. SEC.
Additionally, the financial services firm Grayscale has introduced a fresh cryptocurrency investment vehicle focused on XRP. This fund offers accredited investors a direct avenue for investing in XRP. The unveiling of this product by Grayscale has further fueled discussions about a possible future XRP Exchange-Traded Fund (ETF).
In addition, it was recently brought to light by a user on the platform formerly known as Twitter (now simply referred to as Twitter), Luke Thomas, that Grayscale has taken XRP out of its fund due to the SEC’s lawsuit against Ripple. As we approach the three-week mark before the SEC might appeal the court’s ruling in the Ripple case, this move by Grayscale could suggest a reduced risk of an unfavorable outcome from the SEC’s potential appeal, hinting at a more optimistic outlook for XRP.
1/ As a researcher examining historical trends, I observed that Grayscale removed XRP from its fund when the SEC filed a lawsuit against Ripple. The recent reintroduction of XRP into their fund with only three weeks left for the SEC to appeal the ruling suggests a positive shift in sentiment towards XRP, indicating possible optimism about the outcome of the legal proceedings.
— Luke Thomas (@DEarthshaker) September 12, 2024
Ripple Coin Set To Escape Sideways Trend With Triangle Breakout
Over the last three years, I’ve noticed that the XRP price has been moving sideways, forming a symmetrical triangle on my charts. This pattern is created by two trend lines that converge, squeezing the asset price within a narrow range. Eventually, as traders gather enough momentum, we might see a significant breakout, signaling a potential shift in the market direction.
At present, the value of XRP stands at approximately $0.58, which is only 4% shy of testing the upper line of its prevailing trend. If we observe an upward movement beyond this trendline’s resistance, it would suggest that a downtrend may be reversing and could signal the beginning of a bullish phase.
The post-breakout rally could chase a potential target of $0.93, followed by $1.41.
Conversely, if the resistance above persists, it’s likely that the price of XRP will continue its current period of stability or sideways movement.
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2024-09-15 23:18