In simple terms, it appears that Ripple’s digital token, XRP (XRP), could potentially surge by around 60% in the near future, following a breakout from its current symmetrical triangle formation.
A positive perspective matches a sequence of events unfolding in Ripple’s prolonged legal dispute with the U.S. Securities and Exchange Commission (SEC).
XRP price eyes $4 in “next couple of days”
Symmetrical triangles are regarded as bullish patterns that signal a potential increase in price once the price surpasses the upper boundary of the triangle and volume increases. It seems like XRP has reached this ‘breakout’ phase on January 11th, where it started to move beyond its symmetrical triangle pattern.
In simpler terms, the potential upper limit for a breakout in a symmetrical triangle pattern can be calculated by taking the highest point within that pattern and adding it to where the triangle was initially broken. When this method is used with XRP’s price chart, the estimated maximum price increase comes out to approximately $4.
According to an independent market analyst known as World of Charts, the cryptocurrency might hit its target level within the upcoming “few days.
By January 12th, XRP appeared to be moving back towards the lower trendline of its triangle, roughly around the price point of $2.37.
If the price falls below the outlined support level, it might weaken or even nullify the theory that the symmetrical triangle was broken out from. Instead, it could increase the chances of a drop towards the triangle’s lower trendline.
The disadvantage of this situation lines up approximately with the 50-12H Exponential Moving Average, denoted by the red line, around the price point of $2.30.
As a crypto investor, I firmly believe that if my holdings manage to stay above the upper trendline, it significantly boosts the chances of XRP touching its predicted price within the $4 symmetrical triangle.
Ripple notches another small win against SEC
In just hours following Ripple’s minor court victory against the SEC, XRP moved into its phase of breaking out from a symmetrical triangle pattern.
On January 11th, a federal judge permitted the submission of specific documents confidentially, thereby preserving the secrecy of crucial details involved in the ongoing court case.
Indeed, it was decided by the judge to conceal documents that encompass private, delicate, and individually identifying details linked to Ripple’s request for a summary judgment.
The decision was made with the upcoming January 15th date for the SEC to submit their initial appeal brief regarding contested judgments in the Ripple lawsuit in mind.
In the October Appeal Notice, the SEC disclosed their intention to challenge the Summary Judgment, specifically Judge Analisa Torres’ ruling that XRP’s regular sales did not satisfy the Howey Test requirements. This appeal has been a factor in the price fluctuations of XRP since July 2023.
Even though Gary Gensler is stepping down as SEC Chair on January 20 and Paul Atkins, a former commissioner, is anticipated to replace him, the agency seems determined to continue with the ongoing appeal process.
By December 2024, it appears that Gensler may have elevated some key legal figures from the crypto enforcement team, possibly to maintain consistency in handling ongoing cases.
Legal experts are hopeful that Atkins might change the Securities and Exchange Commission’s tough approach towards cryptocurrencies, which in turn stirs a cautiously optimistic mood among investors.
According to John Reed Stark, who previously headed the SEC Office of Internet Enforcement, Paul supports free markets and dislikes excessive regulation. This perspective, he stated following Donald Trump’s election victory in November, is likely beneficial for the crypto world.
“Paul has also always believed that SEC Enforcement can be too heavy handed at times, lacks consistency and desperately needs significant reforms – so expect reigning in SEC Enforcement to be a top priority for Paul.”
There’s an increasing belief that the new SEC leadership, led by Hester Peirce (Atkins), might take a more supportive approach towards Ripple and cryptocurrency regulations. This optimism could potentially drive up the value of XRP to $4, as less legal uncertainty may be beneficial for its price.
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2025-01-12 20:14