XRP, the digital asset created by Ripple, is experiencing a resurgence in strength and breaking its 777-day downtrend, signaling a potentially bullish path ahead. This positive development comes as Ripple continues its legal battle with the Securities and Exchange Commission (SEC), which has accused the company of failing to register XRP as a security. Despite the ongoing legal proceedings, Ripple has achieved several minor victories in the case, leading many to believe that the company will ultimately come out on top. This optimism has sparked predictions of a 576 percent rally for XRP.
A prominent market analyst known as Dark Defender on Twitter has highlighted the breakout of XRP’s downtrend. They believe that XRP is on a bullish trajectory and that it has the potential to reach a price of $3.39, which was its all-time high five years ago. At the time of writing, XRP is trading at $0.4765, with a slight drop of 2 percent in the last 24 hours. Over the past seven days, XRP has seen a loss of around 5 percent.
The analyst tweeted:
“#XRP has already broken the Downtrend
after 777 Days
Super & Wave trends are #Bullish
We can still see $0.40, but this wouldn’t affect the Bullish pattern
We’re forming the cup pattern targeting $0.8917, $1.7396, & $3.3939 starting from August
We are Close”
The release of the Hinman Documents on June 13, which revealed concerns over the classification of Ethereum as a security, has led many to speculate that the Ripple vs. SEC case is nearing a conclusion. Ripple CEO Brad Garlinghouse has argued that the SEC deliberately created confusion about the rules and used that confusion to its advantage in enforcement actions. He believes that the documents demonstrate the SEC’s misleading behavior and lack of clarity in its guidance for the crypto industry. Garlinghouse and others anticipate a favorable outcome for Ripple, with the case potentially coming to a close soon.
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However, Ripple has cautioned that the SEC’s actions extend beyond XRP, as the regulatory agency recently identified several other cryptocurrencies as securities. These include Cardano (ADA), Polygon (MATIC), Filecoin (FIL), Solana (SOL), Binance Coin (BNB), and 63 others. Ripple has warned that the fight for clarity in the industry must continue, as the SEC’s enforcement actions affect numerous crypto projects.
It is important to note that the information presented in this article is based on analysis and speculation, and readers should conduct their own research before making any investment decisions. Crypto News Flash does not endorse or take responsibility for the accuracy or reliability of the content mentioned.
In conclusion, XRP is showing signs of strength as it breaks its 777-day downtrend, with predictions of a 576 percent rally ahead. Ripple’s ongoing legal battle with the SEC is seen as a major factor in XRP’s potential price increase. As the case nears a conclusion, many believe that Ripple will emerge as the winner, providing much-needed clarity for the crypto industry. However, Ripple has also highlighted that the SEC’s actions extend beyond XRP, affecting numerous other cryptocurrencies. It is essential for investors to remain cautious and conduct thorough research before making any investment decisions.
