XRP Price Surges to $0.74, Attains Highest Point Since 2024; Ripple vs SEC Lawsuit Unveils Fresh Insights
XRP Gears Up for a Major Breakout in the Monthly Timeframe
XRP is poised for a significant breakout in the monthly timeframe, with the potential to initiate the largest bull run rally it has ever seen. A breakout from the massive triangle pattern it is currently forming could be a game-changer for the altcoin.
XRP Bulls Tread on Thin Ice as Price Stalls at Resistance
The recent surge in XRP price, reaching a new year-to-date high of $0.7440, has grabbed headlines and marked a significant milestone for the altcoin. Breaking through the long-standing resistance level of $0.66, which had posed a challenge for weeks, is attributed to several key factors. These include the anticipation surrounding the upcoming deadline in the SEC vs. Ripple lawsuit and the recent approval of the Automated Market Maker (AMM) amendment for XRP Ledger.
Coinbase’s Legal Filing Exposes Regulatory Contradictions
Coinbase, in its motion against the SEC based on the Ripple vs. SEC case, has brought to light the regulator’s conflicting stance on digital assets. The complaint highlights the inconsistency in the SEC’s comments on cryptocurrencies from 2018 to 2021. Coinbase challenges the SEC’s authority over digital assets, and the outcome of the Ripple lawsuit directly affects its own fight against the sale of unregistered securities. Bill Morgan, in support of Coinbase’s move, criticizes the SEC’s contradictory positions and questions the regulator’s credibility amid claims of regulatory clarity, branding it an “incompetent shit show.”
XRP Aims to Reach November 2023 High
With the recent transfer of a substantial amount of XRP from Binance by a mysterious whale, Ripple has once again grabbed the spotlight. Furthermore, the growing momentum of the bull market increases the likelihood of a major bull run in XRP price.
From a technical standpoint, XRP’s price outlook appears bullish, as the altcoin has found stability above critical support levels. Despite a minor correction to $0.6940, XRP has strong support at the 78.6% and 61.8% Fibonacci retracement levels, indicating a solid foundation for potential upward movement. Additionally, indicators like the Moving Average Convergence/Divergence (MACD) and Awesome Oscillator (AO) signal positive momentum in the XRP/USDT trading pair, further reinforcing the current uptrend.
In simpler terms, if XRP manages to maintain its position above key support levels, it could aim for a price target of $0.7500, a level last seen in November 2023. However, if it falls below the specific level of approximately $0.6886, a temporary dip to around $0.6147 could occur before a potential rebound.
Amidst the growing optimism, buyers are hopeful that XRP will surpass the $1 mark. Questions about whether XRP is a good investment or if its price will reach $1 are buzzing in the market.
Tags: Crypto Regulations, Ripple (XRP)