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Ripple in a Bullish Formation, XRP Rose 90% in Q3 2022

Ripple in a Bullish Formation, XRP Rose 90% in Q3 2022

Like most crypto assets, Ripple prices are under pressure. However, a distinguishing formation in XRP is that the coin is within a bullish breakout formation, and buyers remain in charge despite fractures across the crypto markets. The coin is trading above $0.40, and the middle BB, the 20-day moving average, offers a dynamic support level.

Technically, as long as the coin is trading above this support line, every low may offer entries for determined traders targeting $0.50 and even $1 in the medium to long term. This preview may only change should there be losses below immediate support at $0.40, pouring cold water on the upside strength.

Access to SEC’s Internal Communication with Ethereum Developers

XRP is buoyed primarily by comments made by the preceding judge in the ongoing court case.

In a recent directive, the U.S. Securities and Exchange Commission (SEC) was ordered to submit internal communications with Ethereum’s developers.

Although these details may not help XRP and Ripple, they may go a long way in determining whether the agency perceived ETH as a utility or a security.

In Ripple’s argument, if the agency determined ETH to be a utility, they would have been liable for picking two winners against the thousands of coins, including XRP, dotting the sphere.

Since the start of the case in late 2020, Ripple lawyers have maintained that XRP is not a security and didn’t raise $1.3 billion by selling unregistered securities, as the SEC claims.

Ripple Price Analysis

Ripple XRP daily chart for October 3

Ripple prices nearly doubled in Q3 2022, adding 90 percent from Q3 2022 lows. The coin is still within a bullish breakout formation at press time and steady despite earlier losses. There are fundamental factors at play that may prop prices in the short term. However, whether the coin’s future is bright depends on if buyers absorb liquidation pressure.

In the short term, primary support is at $0.40, and XRP seems to be in a retest. Subsequently, traders may buy the dips to align with the primary trend, targeting September highs at $0.55 and later Q1 2022 lows at $0.60. Losses below last week’s lows could force XRP back to $0.40.

On the other hand, risk-averse traders can wait for a clean break above last month’s highs before loading the dips, setting sights on $0.60.

Technical charts courtesy of Trading View Disclaimer: Opinions expressed are not investment advice. Do your research.
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