XRP price rebounds 16% on the back of market recovery and legal clarity, nearing a critical breakout of a three-year symmetrical triangle pattern

In the recent market recovery, XRP price rebounded strongly from $0.50 to $0.58, a gain of 16%. This bullish trend was driven by the launch of Grayscale Trust and the return of XRP to the Robinhood exchange. With the continued bullish momentum, Ripple is expected to break out of the symmetrical triangle pattern that has been in place since September 2021.

XRP has made some progress and regained investor attention after settling its long-running legal dispute with the U.S. Securities and Exchange Commission (SEC). A federal judge ordered blockchain solutions provider Ripple Labs to pay a $125 million civil penalty, a significant reduction from the $2 billion the SEC had initially requested.

In addition, asset management company Grayscale has launched a new crypto investment trust for XRP, allowing qualified investors to invest directly in XRP. Grayscale's announcement has also sparked speculation about the upcoming launch of an XRP ETF.

Additionally, X (formerly Twitter) user Luke Thomas recently highlighted that Grayscale has removed XRP from its fund following the SEC’s lawsuit against Ripple. With just three weeks left before the SEC is likely to appeal the court decision in the Ripple case, Grayscale’s reintroduction of XRP could suggest that the risk of an adverse SEC appeal is limited.

Ripple to break out of sideways trend with triangle breakout


XRP price has trended sideways over the past three years, resonating within a symmetrical triangle pattern. The chart pattern characteristic of two converging trendlines keeps the asset’s price converging for short periods of time before traders can build enough momentum for a decisive breakout.

XRP price is currently trading at $0.58 and is just 4% away from rechallenging the pattern’s uptrend line. A breakout upside from the dynamic resistance level would confirm a bottom in the downtrend and a possible bull run.

The rally after the breakout could chase the potential target of $0.93 and subsequently $1.41.

Conversely, if the overhead resistance holds, XRP price will extend the current consolidation.


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