- XRP Token price is currently being challenged by the overhead resistance of $1.28
- The press time price of XRP/USDT is $1.27 established on the back of a 6% increase in the past 24 hours
- Clearance of the $1.28 blockage could result in the XRP token paving its way into ATH
XRP Token price breaks above Bullish Wedge Pattern
This sixth largest cryptocurrency by market capitalization began to display signs of upside potential after the price jumped from the 20 Exponential Moving Average. The upside trajectory may have something to do with Ripple once again securing the upper hand in the lawsuit.
After registering an overall gain of 155% from July low, XRP price has been unable to truly challenge its swing high of $1.34. However recent events have pointed out that the price action has emerged into a bullish wedge pattern and has also attempted to breakout. While battling the critical resistance of $1.28, the altcoin is amid retesting the descending trend line of the bullish structure.
The clearance of the overhead resistance marks the gateway towards its ATH. Due to the likelihood of the daily price action exhibiting the bullish cup and handle pattern, there’s a high possibility that the optimistic outlook will be accompanied by the price making its way to the target of $2.18 in the near term.
It is important to keep in mind that the daily volume has been on a losing streak ever since XRP Token price formulated the swing high on August 15th. The incapability of a transactional volume to shoot through the 20 MA suggests that traders must brace themselves for a big move ahead.
Despite today’s candlestick representing an ongoing bearish momentum, a daily close above $1.22 will invalidate the weakening of the trend. This will lead to more buyers entering long positions and aiming for a minimal 32% rally. Following a successful breakout and a retest, the XRP bulls can take a seat back to realize the potential of the incoming upswing.
Latest update regarding Ripple VS SEC
September 28th marks an important date for the Ripple Community as Judge Sarah Netburn will rule decisively on deliberate process procedures, that particular day, In addition to the Judge siding with the arguments put forth by the XRP legal team, Ripple has also demanded the disclosure of the digital assets held by the SEC employees at the time of litigation.
The disclosure of the asset holdings is relevant due to the infamous remarks made by the former SEC Director William Hinman during a speech in 2018. Hinman deliberately targetted the crypto asset Ethereum to the extent he called it a non-securities asset.
The victory of Ripple Labs in the legal dilemma against the SEC will be extremely bullish for the wider cryptocurrency market as well. With Hinman suggesting that XRP is operating as an illegal asset and the lack of reasonable notice received by the Ripple Labs goes to show that the SEC has no proper case.
Furthermore, Judge Netburn will now conduct an examination of the internal documents against the SEC herself, with the sole intention of asserting whether the SEC has overstepped its boundaries.
SUPPORT : $1.02
RESISTANCE : $1.28