As Bitcoin (BTC) prices surged, the XRP/BTC trading pair experienced a notable drop, reaching a low of 0.00000771. This price action has reinforced the belief among some analysts that BTC is poised for further gains, while XRP/BTC may continue its downward trend.
Technical Analysis Suggests Unfolding Pattern
Crypto analyst EGRAG Crypto has been closely monitoring the XRP/BTC chart and has observed a pattern that appears to be unfolding precisely as anticipated. The analyst’s previous and updated charts indicate that the current price action is in line with their expectations.
#XRP / #BTC YOLO Update :Yesterday's surge in #BTC prices brought #XRP / #BTC to low of 0.00000771, reinforcing my belief that #BTC is set for further gains while #XRP / #BTC continues its descent. Take a glance at both the yesterdays and the updated chart; the pattern is… pic.twitter.com/zEVlOk3vPx
— EGRAG CRYPTO (@egragcrypto) May 16, 2024
The analyst’s targets for XRP/BTC lie between 0.00000710 and 0.00000555. If these levels are achieved, it could signal the beginning of a potential mega pump, reminiscent of the 2017 bull run. During that cycle, XRP experienced a notable price surge, and many investors are hoping for a similar outcome this time around.
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Read more: Ripple Sees Over 110,000,000 XRP Whale Accumulation: Rare Indicator that “Never Fails” Suggests the Price Could Hit $3
SEC v. Ripple Update: Crucial Date Approaches
Meanwhile, the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs continues to unfold.
The latest development in the case is the approaching deadline for Ripple, the SEC, and third parties to file opposing briefs. This deadline is set for Monday, May 20, and could prove to be an important date for the proceedings.
Following the submission of these briefs, the courts will rule on the omnibus letter motions and begin deliberations on the potential penalty Ripple may face for allegedly breaching U.S. securities laws. The outcome of this case could have far-reaching implications for the future of XRP and the broader cryptocurrency market.
Despite the legal uncertainty surrounding XRP, the XRP Army, a passionate community of XRP supporters, remains steadfast in their belief in the cryptocurrency’s potential. Many members of this community are closely following the developments in the SEC v. Ripple case and are hopeful for a favorable outcome.
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