The XRP (XRP) Price has recovered almost 30% over the last two weeks, led by the rebound of the encryption market for the past two weeks, and has long been a long legal battle with Ripple’s US Securities and Exchange Commission (SEC).
XRP/USD daily price chart. Source: TradingView
The rebound of cryptocurrency can also occur within the boundary of a classic optimistic continuous pattern, which can benefit more for the next few weeks.
XRP symmetrical triangle records 75%rally
XRP’s strong technology seems to form a symmetrical triangle pattern.
The symmetrical triangle is considered a classic optimistic continuous setting formed after a strong rise and integrating the price within the formed range.
As a rule of technical analysis, the setting is solved when the price goes beyond the upper trend line, and can be increased by the maximum distance between the upper trend line.
XRP/USD weekly price chart. Source: TradingView
As of March 21, XRP has noticed the rise of the top trend line around the top of the $ 2.35 peak in April after testing a triangular low trend line. The ultimate goal of this possible brake out is $ 4.35 by June and 75% at the current price level.
On the contrary, the drop under the low trend line can invalidate optimistic settings to lead the XRP to $ 1.28. The weak goal is to get the maximum height of the triangle at $ 2.35 at the potential failure point.
source: Ammoni Rex
The XRP foundation improves the upward view.
Strong technology setting has been developing in line with positive events around Ripple and XRP.
Cryptocurrency, in particular, rose to 7.85%to reach $ 2.41 on March 21, two days after the SEC decreased the appeal against Ripple.
The rally gained driving power after voluntarily dismissing the SEC lawsuit before starting the CFTC control XRP futures after the Crypto Exchange Bitnomial.
source: Alba
Through futures contracts, traders can increase the overall market activity by guessing the price of XRP without owning assets directly. This deepens liquidity, reducing slipping and making large -scale transactions more easily.
However, according to John Deathon, a crypto lawyer, Ripple is still faced with legal obstacles in the form of a banned order issued by an Analisa Torres judge, and the company restricts selling XRP to institutional investors.
relevant: The role of XRP in the US digital asset stockpiles raises questions about token utility.
He said that the judgment in Cointelewraph can limit the ability to distribute Ripple’s XRP directly to institutional investors, banks and financial institutions.
“If Ripple clearly wants to publish XRP directly to the US bank, I think it’s a ban. How do you pass that ban?”
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.