Expert Says SEC Appeal is a Sell Trap, Predicts XRP to $4.23 #BTCUptober

Market expert Bobby A argues that the appeal notice from the US Securities and Exchange Commission (SEC) is not a sign of a prolonged XRP price depreciation as macro charts remain bullish.

XRP, the seventh-largest crypto asset by market cap, saw a notable price correction following the SEC’s notice of appeal on the final decision by Judge Analisa Torres. Since the October 2 notice, XRP has capitulated over 10%.

However, experienced market analyst Bobby A has implied that investors’ sell-the-news disposition is why most miss good market opportunities. In a tweet on Thursday, the analyst maintained that the XRP chart has not flipped bearish as indicators still point to an impending market uptrend.

Analyst Says XRP Surged 1,772% Despite SEC Lawsuit. #BTCReboundsAfterFOMC

Bobby A cited historical events to support his assertion that XRP would surge regardless of the SEC appeal. He noted that the XPRL native token appreciated 1,772% in 2020 when the securities watchdog sued Ripple and branded XRP a security.

For context, XRP pulled a 1,772% bullish uptick from $0.11 to the cycle peak of $1.95 despite the regulatory uncertainty surrounding the coin on the back of the SEC’s charges. Notably, Bobby A argued that the XRPETH and XRPBTC charts look decent, and “the worst news comes at the bottom.”

Technical Analysis Signal Impending Price Surge

Meanwhile, Bobby A cited a bullish technical analysis that could propel XRP’s price by 803% to $4.23 per coin. He shared a chart showing that XRP has been consolidating sideways and building a macro base since 2017.

According to the monthly chart, XRP has historically swung upwards during the cyclical rotation of the momentum oscillator post-Bitcoin’s halving. Notably, the analyst implied that the price action would soon kick in.

Bobby A argued that this cycle closely mirrors the 2016-2017 bull cycle as the XRP price is “tightly wound” around all essential indicators in the monthly chart, including the moving average.