Ripple is firm at press time. The XRP coin is outperforming the USDT and BTC, rising 60 percent from September 2022 lows.
This contrasts with the entire crypto market posting dismal performance, weighed down by resilient bears.
Although there were flashes of strength earlier last week, top coins like ETH and BTC closed the week with minor gains at near breakeven versus the resurgent USDT. Overall, XRP is table-topping and may continue to soar on the back of solid fundamental news.
Is the Ripple-SEC Case Coming to an End?
Ripple Inc., the blockchain company building practical and scalable solutions integrating XRP, might win the case against the SEC. It is highly likely that Ripple, though the SEC claimed it raised billions by selling XRP, will only get a fine. This fact alone is bullish versus XRP and may continue to provide tailwinds.
The agency is failing to satisfactorily prove to the judges that the coin is an investment contract that complies with all the conditions laid out by the Howey Test. Already, the SEC and Ripple lawyers have filed for summary judgment, an indicator that the case may soon end.
Most influencers are positive that if Ripple wins the ongoing case against the regulator, it would be a relief for crypto assets. In turn, the result could pump not only XRP but other coins.
Ripple Price Analysis
Ripple is trading within a bullish breakout formation as per the formation in the daily chart.
Because of the September 22 bull bar, XRP broke above the $0.10 trade range marked at $0.40 and $0.30.
At spot rates, XRP is trending higher, aligning with the upper BB. This means the upside momentum is stronger, and traders are bullish, expecting more gains in the days ahead.
Based on the formation on the daily chart, Ripple traders may find entries on every pullback lower above $0.40 and inside September 22 bull bar. The immediate target, in that case, will be last week’s highs at $0.55 and later Q1 2022 lows at $0.60.
Any dump below $0.40, unwinding gains of September 22, will cancel out this bullish preview.
Technical charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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