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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

XRP Price Could Get A 23% Boost From This Bullish Formation Breakout

Christian Encila
Christian Encila
2 years ago
3 mins read
XRP

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XRP is looking good, as Ripple once again scores a procedural victory in its lawsuit battle against the U.S. Securities and Exchange Commission (SEC) that has been ongoing for almost two years now.

  • XRP gains another key victory in its ongoing legal battle with SEC
  • Altcoin is up by 8.5% for the past seven days
  • XRP on its way to the $0.52 resistance level

On September 29, a ruling for the release of emails and other correspondence authored by William Hinman, former SEC Corporation Finance Division Director, was ordered by a U.S. District Court Judge.

Documents being sought after by the court pertain to a Hinman speech where he stated Ethereum is not a security because it was sufficiently decentralized just like Bitcoin.

Ripple, with this development, has put itself in an advantageous position to win the long-running court battle with SEC.

It would appear that XPR’s price is set to respond accordingly, as it is pointing towards a bullish momentum.

XRP In A Rounding Bottom Pattern

In crypto space, the rounding bottom pattern that is being followed by the XRP coin is a bullish reversal model that is normally seen during bearish market bottoms.

Related Reading: Chainlink Crosses $6.18 Trillion In Transaction Value – Will This Boost LINK Price?
Chart: TradingView.com

It usually signals the exhaustion of sellers that follows a downfall and the regaining of trend control by the buyers that usually trigger recovery rally.

During the third week of September, probably due to the positive sentiment surrounding the Ripple-SEC legal bout, the 6th largest cryptocurrency by market capitalization made a significant rally on its way to a four-month high when it traded for $0.5523.

But such gains were trimmed a bit as XRP, according to Coingecko, is currently changing hands at $0.4881.

Still, even with lower price, the altcoin is doing well, tallying 8.5% increase for the past seven days and has been up by 7.1% for the past 24 hours.

XRP Taking A Short Break

Bitcoin’s tendency to waver at the $18,300 support level is triggering effects on majority of altcoins including the XRP.

As for the anticipated bullish rally that comes with the rounding bottom pattern, it can be inferred that the digital asset’s price is taking a short movement break, consolidating at the $0.48 mark at the moment.

It will take substantial volume in order for the expected uptrend to commence. If such condition is met, XRP price is seen to grow by 10% and hit the significant resistance level of $0.52.

The Ripple-owned token is staring at key resistance levels between $0.52 and $0.58. Meanwhile, traders are also looking at support levels of $0.44 and $0.382 for the digital asset.

Related Reading: Tornado Cash Sees Drop In Activity After U.S. Treasury Sanctions – What Now For TORN?

XRP total market cap at $23.9 billion on the daily chart | Featured image from Cryptopolitan, Chart: TradingView.com
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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