According to Cointelegraph,
$XRP is showing strong potential for a 60% price surge, fueled by its breakout from a symmetrical triangle pattern and recent legal progress in Ripple’s battle with the SEC.
Technical Analysis:
$XRP 's Bullish Breakout 📈
Symmetrical triangles are often considered bullish continuation patterns, and XRP’s recent breakout above the upper trendline, accompanied by increased trading volumes, supports this outlook.
On January 11, XRP entered this breakout phase, setting a price target of $4. This target is calculated by adding the maximum height of the triangle to the breakout point.Independent analyst World of Charts suggests that XRP could achieve this target within days.
However, XRP must maintain its position above the upper trendline. If it retreats below the $2.37 support level, the breakout scenario may be invalidated, and XRP could fall further to the lower trendline near $2.30.
Legal Victory Bolsters Market Optimism ⚖️📃
XRP’s technical momentum coincides with a minor legal victory for Ripple in its ongoing case against the SEC.
On January 11, a federal judge approved Ripple’s motion to file sensitive documents under seal, shielding key information from the public eye.Meanwhile, the SEC faces a January 15 deadline to file its appeal-related opening brief, contesting the July 2023 Summary Judgment, which ruled that XRP’s regular sales did not violate securities laws under the Howey Test.
This appeal has caused price volatility for XRP since last year. Despite changes in SEC leadership, the agency remains committed to pursuing the appeal.
Changing SEC Leadership Could Benefit
$XRP 🌟
As Gary Gensler prepares to step down as SEC Chair on January 20, optimism is growing around incoming leadership under Paul Atkins, a former Commissioner known for his pro-crypto stance.
Atkins supports free markets and has criticized the SEC’s overly aggressive enforcement.Legal experts believe that Atkins’ leadership could bring regulatory reform, reducing uncertainties and fostering a more favorable environment for Ripple and the broader crypto market.
Investor Sentiment 📊
XRP holders remain cautiously optimistic, as reduced legal uncertainties and technical strength may pave the way for significant price appreciation.
🚀 Key Highlights
XRP targets $4 following a breakout from a symmetrical triangle pattern.A retreat below $2.37 could invalidate the bullish outlook.Ripple’s recent legal victory adds to market confidence.Incoming SEC leadership under Paul Atkins may ease regulatory pressures.
⚠️ Disclaimer: This article is for informational purposes only and does not constitute investment advice. Readers should conduct thorough research before making financial decisions.
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