XRP price is targeting $0.46

XRP price is targeting $0.46
XRP price is targeting $0.46
  • XRP price might continue its ascent after turning the $0.397 hurdle into a support.
  • The next stop for this remittance token is $0.464, but if momentum stays strong, it could reach $0.561.
  • A break of the $0.384 support level would invalidate the bullish thesis on Ripple.

XRP price has been consolidating for quite some time, falling below key support levels but bouncing back above it just as quickly. Ripple’s final leg was an amazing sight as it exploded quickly and over many long-standing hurdles.

The beginning of the end for SEC . Ripple

Interestingly, the remittance token has remained strong despite the weak market structure, and this bullish trend can be attributed to ongoing developments in the SEC vs. Ripple litigation. While both parties have requested summary judgment, the defendants appear much more confident about the outcome.

This becomes clear when you consider that Ripple’s attorney, Stuart Alderoty, commented on the lawsuit on Twitter. Additionally, the general counsel joined the company’s CEO, Brad Garlinghouse, in stating that the SEC’s filings make it clear that they are not interested in enforcing the law, but want “to reshape everything in an improper attempt to… to extend their jurisdiction far beyond the authority bestowed upon them by Congress.”

Alderoty, on the other hand, noted that the SEC was unable to “satisfy even a single pillar of the Supreme Court’s Howey test.” The Howey test is used by regulators to distinguish between an asset and a security.

The most recent development, however, is Ripple’s General Counsel saying it is “feeling confident” and this could be the beginning of the end of this lawsuit, which has been ongoing since December 2020.

XRP price is in bliss

XRP price has soared after the last iteration of the triple tap setup and is up about 31% in about a week. This technical formation is similar to the triple bottom setup, the only difference is that the second tap deviates below the originally formed low.

This surge in XRP price broke the $0.384 hurdle and turned the midpoint of the $0.331-$0.464 range into a support floor at $0.397. As mentioned in yesterday’s publication, the FOMC meeting caused Ripple to fall back to the $0.384 level and it is up 5.3% since then.

Going forward, investors can expect XRP price to pierce the $0.464 high. However, in a very bullish case, the remittance token could rally as much as 20% higher and mark the resistance area between $0.561 and $0.596.

XRP/USDT 1-day chart

As XRP price heads higher, a break of the $0.384 support level indicates inherent weakness from buyers. This development would also invalidate the bullish thesis and shift the odds in favor of the bears.

With such a development, XRP price could revisit the floor of $0.360 or $0.331 in the worst case scenario.

The article is in German

Tags: XRP price targeting

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