XRP melts like ice under sun

XRP token decreased by almost 15% this month, the primary driver is SEC’s appeal in the Ripple lawsuit.

Market pundits, however, see XRP’s plunge as an opportunity for buying and not as a source of panic. In more detail, the previous price behaviors of assets and the recent activity of whales in the market imply that an XRP price boom the SEC’s recent filing in the Ripple lawsuit might create some tough obstacles to the bullish scenarios for XRP, especially if the SEC convinces the Court that the secondary trade of XRP to retail investors is unlawful in the USA.

The possibility of a cross-appeal is being discussed internally at Ripple, according to Alderoty, who said: “The SEC case against the company has been wrongheaded from the beginning.”

Brad Garlinghouse, head at Ripple asks why the agency still harbors this notion partly because they should have given up on it trying to rationalize it. After all, it solely lacks a rational or reasonable argument for pursuing that case.
“If Gensler and the SEC were sane, they would forget this case long ago. It surely hasn’t protected the investors and ruined the credibility and image of the SEC.”

In that case, it is also possible that XRP will fall below the lower trend line of the existing symmetrical triangle, which further coincides with its 50-month EMA (the red wave).

Based on its monthly chart, as of October 2024, the asset is getting closer to the peak of a similar triangle structure. These types of formations frequently precede significant directional moves, and if XRP follows past precedents, a breakout may result in major gains. Symmetrical triangle breakouts are typically bullish, matching the triangle’s height at its widest point in relationship to price gains, especially when the triangle is in an uptrend. The current symmetrical triangle’s top for XRP is located at $0.52.

The potential upside target of the pattern is close to $23.40, which would represent a startling increase of more than 4,200 percent in the upcoming years, should the price break above the upper trendline from this level sometime around June 2025.