On July 13, after years of legal battles with the Securities and Exchange Commission (SEC), Ripple achieved a significant victory. District Judge Torres ruled that the sales of XRP tokens were not considered investment contracts or securities. This ruling had a tremendous impact on the market, leading to explosive price action and providing vindication for XRP holders who had been cautiously accumulating the cryptocurrency.
In response to the ruling, the price of Ripple (XRP) skyrocketed by 99%. However, it experienced a minor retracement shortly after as new holders took profits on their long-standing positions. Despite this retracement, the bullish sentiment in the market remained strong, resulting in an 11% increase over the weekend. As a result, XRP is now in a strong technical position, with a bullish pendant pattern dominating its chart structure.
The SEC’s “regulation by enforcement” approach appears to be weakened after Ripple’s victory, and the decision has emboldened the markets. This has raised the question of whether it is too late to buy XRP.
Currently, Ripple (XRP) is trading at $0.74, showing a continuation of the emerging bullish pendant pattern. With the green light from the court ruling and the fundamental structure supporting this bullish move, further upside price action is expected. The ruling has also paved the way for institutional investors to consider investing in XRP, adding to the positive outlook for the cryptocurrency.
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Technical indicators, such as the MACD, show bullish divergence at 0.0316, and consolidation patterns suggest a healthy market. However, some investors may feel disappointed with XRP’s performance so far. In the previous bull run of 2021, XRP reached as high as $1.95, which is 163% higher than its current price levels. Additionally, the RSI indicator shows significant overheating at 72.82, raising doubts about XRP’s potential to be a moonshot investment.
If consolidation holds and the RSI cools off, there is a possibility of a push-up to $1, which represents a potential 33.48% increase. On the other hand, if hopes dwindle and a slow breakdown occurs, a return to $0.60 could be anticipated, resulting in a 19.9% decline. This risk-reward structure gives XRP a mediocre late-stage entry.
For those interested in alternative investments, Launchpad XYZ presents an opportunity. With $1.1 million raised and growing hype around its potential, Launchpad XYZ aims to streamline the crypto trading space and simplify the journey into the digital future. From DeFi trading to NFTs, play-to-earn games, and metaverse exploration, Launchpad XYZ curates the best blockchain projects. Its DeFi trading terminal provides users with comprehensive tools for analyzing, trading, and investing in various web3 assets. The integration of presale analysis adds an extra layer of security, making it easier and safer for retail traders to vet new projects. The skyrocketing presale of Launchpad XYZ is a testament to its alpha-finding abilities and the community’s excitement about the project.
It’s important to note that investing in cryptocurrencies carries substantial risk due to their volatile nature. This article does not constitute financial advice, and it is always advised to conduct thorough research before making any investment decisions.
