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XRP's breakout above $2.75 could lead to a surge toward $3.75, with $1.63 as a downside risk if support breaks.

The symmetrical triangle pattern signals a major price move for XRP, with key levels at $2.75 and $2.07 driving the next trend.

Traders are closely watching XRP’s price action as it nears the apex, with breakout targets around $3.55-$3.77 or a dip toward $1.63.

Analysts anticipate a breakout because of XRP's symmetrical triangular structure, which has recently brought it close to a price zone. The $2.75 level stands out as a key breakout point. If XRP sustains above this level, it could surge toward higher targets, potentially reaching $3.75 and beyond. However, a breakdown below the key support level at $2.0700 might push XRP towards downside targets near $1.6336. Consequently, traders are closely watching the price action for any signs of confirmation.

Symmetrical Triangle Analysis and Key Levels

A symmetrical triangle pattern, a traditional chart structure signifying consolidation, has been established by the price action of XRP/USD. The converging trendlines of the symmetrical triangle point to a time when prices will be tightening. 

Source: Egrag crypto

As the price approaches the apex, traders expect a breakout that could define the next major price move. The critical resistance level for XRP is set at $2.7500, marked by the green horizontal line. A breakout above this level could lead to an upside target of $3.55, and possibly $3.77, depending on market momentum.

Support levels are equally important. The yellow zone highlights a critical support area at $2.0700, where price action may reverse if it holds. If the support breaks, a downward move toward $1.6336 or $1.6400 is likely. Therefore, XRP’s future price direction hinges on whether it can maintain its position above key levels like $2.7500. Traders are awaiting confirmation from volume levels and price action to signal the breakout’s direction.

Timing and Projected Movements

The symmetrical triangle's apex is approaching, and key dates, including January 16 and January 31, 2025, could trigger price movements. These intervals coincide with critical levels in the triangle, adding further importance to these dates for traders. Additionally, as XRP moves toward the breakout zone, it’s essential to track both support and resistance levels closely. A failure to hold above $2.0700 could lead to a bearish continuation, while an upward break above $2.7500 could signal a strong bullish trend.

The post XRP Price Set for Major Breakout: Will $2.75 Hold for a Surge to $3.75? appeared first on Cryptonewsland.

The US Supreme Court ruled today that a class action lawsuit against Binance will proceed. The suit is filed by former investors who accused the exchange of illegally selling unregistered tokens.

Binance claimed that the lawsuit was invalid as the US did not have jurisdiction over the issue. However, the Supreme Court rejected this argument today.

US Supreme Court Spurns Binance

Binance, one of the world’s leading crypto exchanges, is currently facing several legal battles. In the UK, the exchange is facing allegations of unlawfully terminating an employee after whistleblowing on misconduct. However, the current class-action lawsuit in question is filed by consumers in the US.

It claims that Binance failed to warn users about the significant risks of investing in certain low-cap tokens. According to reports, Binance claims these accusations are meritless and the securities law is inapplicable as the exchange is not located in the US. However, the Supreme Court thinks otherwise.

“Recent innovations in technology have empowered investors to participate in foreign financial markets with greater ease and efficiency. This interconnectivity and ease of access has increased not only the size of the market for trades but also the number of Americans who trade on foreign exchanges,” Binance claimed in its petition.

Changpeng “CZ” Zhao, the former CEO of Binance, was a major proponent of this Supreme Court appeal. CZ is no longer an official representative of the company. However, he still has an investment in these proceedings; he was jailed on related charges nearly a year ago.

Indeed, the Supreme Court’s ruling here could impact Binance in several ways. US federal regulators have already pursued the company on several criminal charges, but today’s appeal concerns a civil matter. Former users who bought ELF, EOS, FUN, ICX, OMG, QSP, or TRX after 2017 are eligible to join this class action suit.

Although the US federal government has taken a noticeable swing towards crypto, this doesn’t necessarily impact the judiciary. Last month, the Supreme Court also allowed a shareholder lawsuit against Nvidia to proceed in an episode that parallels Binance.

Now that these shareholders received the green light, the exchange’s chances in this lawsuit don’t look good. Additionally, considering it’s only a civil case, clemency from the upcoming President Trump seems extremely unlikely.

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