Amid the recent market recovery, XRP price saw a strong rebound from $0.50 to $0.58, marking a 16% surge. This bullish uptick is fueled by the launch of Grayscale’s Trust fund and the return of XRP on the Robinhood exchange. With sustained bullish momentum, the Ripple coin is poised to break out of the symmetrical triangle pattern that has been in place since September 2021
XRP Price Hints at Bottom Reversal as Legal Clouds Begin to Clear
XRP is regaining investor attention following several developments initiated after the resolution of its long-running legal battle 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 initial demand of $2 billion by the US SEC.
Moreover, the asset management company Grayscale has launched a new crypto investment trust fund for XRP, which allows accredited investors to gain direct exposure to XRP. The Grayscale’s announcement has also sparked speculation of a potential XRP ETF shortly.
Moreover, an X (formerly known as Twitter) User, Luke Thomas, has recently highlighted that Grayscale has removed XRP from its fund following the SEC’s lawsuit against Ripple. With only three weeks remaining before the SEC’s possible appeal to the court’s decision in the Ripple case, the Grayscale reintroduction could hint at a limited risk of an adverse SEC appeal.
1/ If history is an indicator, @Grayscale got rid of #XRP from its fund when the SEC filed the lawsuit against @Ripple. The fact that they have now included #XRP back to its fund, with ~3 weeks left for the SEC to appeal the verdict clearly indicates the sentiment that… https://t.co/w3fQTyCqPF
— Luke Thomas (@DEarthshaker) September 12, 2024
Ripple Coin Set To Escape Sideways Trend With Triangle Breakout
Over the past three years, the XRP price has shown a sideways trend resonating within the formation of a symmetrical triangle pattern. The chart pattern characteristics of two converging trend lines narrow the asset price in a short range before the traders build sufficient momentum for a decisive breakout.
The XRP price currently trades at $0.58 and is just 4% away from rechallenging the pattern’s upper trendline. An upside breakout from the dynamic resistance would confirm a downtrend bottoming and potential bull run.
The post-breakout rally could chase a potential target of $0.93, followed by $1.41.
On the contrary, the XRP price will prolong its current consolidation if the overhead resistance remains intact.
Frequently Asked Questions (FAQs)
XRP’s 16% price surge is fueled by the launch of Grayscale’s Trust fund and its return to Robinhood, boosting investor confidence.
Ripple was ordered to pay a $125 million penalty, significantly reduced from the SEC’s $2 billion demand, helping ease legal uncertainties
Grayscale’s XRP Trust fund has sparked speculation of a potential XRP ETF, hinting at growing institutional interest
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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