#XRPRise
The price of XRP forecasts a 60% gain before Gary Gensler leaves the SEC
XRP broke a bullish continuation pattern following Ripple's court victory to seal documents in the SEC case.
$XRP It looks like it is going to rise 60% in the coming days after breaking its prevailing symmetrical triangle pattern.
The bullish outlook aligns with a series of developments in Ripple's ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
The price of XRP targets $4 in the 'coming days'
Symmetrical triangles are considered bullish continuation patterns when the price breaks above their upper trend lines with an increase in trading volumes. That seems to be the case for XRP, which entered the breakout stage of its triangle pattern on January 11.
The breakout target of a symmetrical triangle is determined by adding the maximum height of the pattern to the breakout point. If the same rule is applied on the XRP chart, its bullish target is around $4.
The cryptocurrency could reach that level in the 'coming days', according to independent market analyst World of Charts.
As of January 12, XRP was showing signs of retracing towards the lower trend line of the triangle at around $2.37.
A drop below this wave support risks invalidating the symmetrical triangle breakout scenario while increasing the likelihood of falling towards the lower trend line of the pattern.
This downside target aligns with the 50-12 hour exponential moving average (EMA; the red wave) at around $2.30.
However, staying above the upper trend line will likely keep the probability high that XRP will reach its symmetrical triangle target of $4.
Ripple achieves another small victory against the SEC
XRP entered its symmetrical triangle breakout stage just hours after Ripple's small victory in its ongoing legal battle against the SEC.
On January 11, a federal judge approved an administrative motion to seal certain documents, thus ensuring the confidentiality of sensitive information in the ongoing legal battle.
Specifically, the judge agreed to seal records containing confidential, sensitive, and personally identifiable information related to Ripple's summary judgment motion.