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The Securities and Exchange Commission’s decision to drop its lawsuit against Ripple Labs is a major moment for the crypto market and signals the beginning of a potential record-breaking bull market, according to crypto analyst Dan Gambardello.
The SEC’s December 2020 charges against Ripple for allegedly conducting a $1.3 billion unregistered securities offering have finally been resolved, with Ripple CEO Brad Garlinghouse declaring victory.
“Dip Then Rip” Pattern Points to Massive Bitcoin Upside
Bitcoin’s current price correction follows a pattern that Bitwise Asset Management calls “dip then rip,” according to Gambardello’s analysis.
This phenomenon describes Bitcoin’s tendency to drop sharply when equity markets fall more than 2% in a day, but then rebound dramatically in the following year.
Gambardello highlighted comments from Bitwise’s CIO, who recently stated that “Bitcoin should be at $200,000 today” and predicted that “the number of companies buying Bitcoin is going to triple this year.”
The CIO also noted that the market has ignored so much good news over the past four weeks and suggested that any sign of the Federal Reserve blinking could trigger a substantial rally.
Looking at the technical setup, Gambardello pointed to Bitcoin’s oversold condition on the daily chart as a bullish indicator. He noted,
“Look at the oversold oscillator down here, the RSI. Look at this daily chart, how low Bitcoin has gone. This is incredibly bullish for what happens next.”
XRP Positioned for Major Move After Legal Victory
The SEC’s decision to drop its lawsuit against Ripple has implications for XRP’s price potential, according to Gambardello’s technical analysis.
He pointed out that despite the regulatory cloud hanging over Ripple since December 2020, XRP managed to participate in the broader crypto market cycle.
With the legal uncertainty now removed, Gambardello believes XRP is at “the actual starting line” for its next major move. He connects this to the potential for XRP ETF approvals.
The analyst views the current price action as part of a normal technical pattern where XRP may “test the 50” moving average on the weekly timeframe before continuing higher.
Altcoin Market Hasn’t Experienced True Bull Run Yet
The altcoin market has yet to experience a genuine bull market in the current cycle, according to Gambardello’s analysis of the total crypto market capitalization excluding Bitcoin.
He points to the structure of the weekly chart to support this view, noting that the oscillators and price patterns suggest the major move is still ahead.
“The bull market has not happened yet,” Gambardello emphasized repeatedly while examining the altcoin market cap chart. “I’m not even mentioning so many things because there’s just too much.”
Looking at technical indicators, he highlighted similarities between the current RSI (Relative Strength Index) readings and those seen before previous major moves.
For greater perspective, Gambardello referenced the monthly chart, which shows the volatile nature of previous bull market peaks compared to current conditions.
The analyst views the current market structure, with its “higher highs and higher lows,” as building a foundation for substantial gains ahead.
Despite recent pullbacks creating bearish sentiment among some traders, Gambardello sees the overall trend as bullish, particularly given the improving regulatory environment.
