XRP Price Could Rise to 23% From Bullish Formation Breakout.
The price of XRP is moving in a good direction as Ripple scores another procedural victory in its almost two-year ongoing lawsuit battle against the US Securities and Exchange Commission (SEC).
XRP Price Respond to Ripple Victory
In a ruling issued on September 29, a US District Court judge ordered the release of emails written by William Hinman, former Director of the SEC Corporation’s Finance Division.
In court documents, Hinman claimed Ethereum was not a security due to its sufficient decentralization, just as Bitcoin is.
As a result of this development, Ripple has positioned itself to win its long-running court case against the Securities and Exchange Commission.
The price of XPR is pointing towards a bullish momentum, suggesting that it is set to respond accordingly.
XRP Make a Significant Rally
As shown by the rounding bottom pattern being followed by the XRP coin, the reversal pattern is a bullish indicator typically seen during bearish market bottoms.
Recovery rallies usually occur after sellers exhaust themselves following a downfall, and buyers regain trend control as a result.
As a result of the positive sentiment around the Ripple-SEC legal case, the 6th largest cryptocurrency by market capitalization rose to its four-month high of $0.5523 during the third week of September.
At the time of writing, XRP is valued at $0.4903 according to CoinMarketcap.
Despite this, Ripple (XRP) has steadily climbed, adding more than 12.50% in seven days. A strong bullish trend has kept the XRP token above $0.48 and is about to break through its $0.50 resistance.
On the other hand, the tendency of Bitcoin to waver at the $18,300 support level is triggering effects on most altcoins, including XRP.
This rounding bottom pattern indicates that the digital asset’s price is taking a short movement break at the moment, consolidating at $0.48, anticipating a bullish rally.