XRP’s prospects are good. Ripple has won a procedural victory again in its ongoing lawsuit against the U.S Securities and Exchange Commission. This battle, which began almost two years ago, is now settled.
- XRP gets another win in the ongoing legal struggle with SEC
- Altcoin has risen 8.5% in the last seven days
- The $0.52 resistance level is XRP’s next target
The U.S. district court judge ordered that emails and any other correspondence written by William Hinman, the former Director of SEC Corporation Finance Division, be released on September 29.
The court is seeking documents relating to Hinman’s speech in which he said that Ethereum was not security as it was sufficiently distributed just like Bitcoin.
This development has placed Ripple in a favorable position to win long-running court battle against the SEC.
It would appear that XPR’s price is set to respond accordingly, as it is pointing towards a bullish momentum.
XRP in a Rounding Bottom Design
The XRP coin’s rounding bottom is a bullish reversal pattern. It is usually found during bearish markets bottoms.
Chart: TradingView.com
It is usually a sign of exhaustion for sellers, following a decline and the regaining trend control by buyers. This can often trigger a rebound rally.
The 6ThIt was the largest cryptocurrency market cap by value when it reached $0.5523, a new four-month record.
These gains, however, were slightly trimmed by XRP. CoingeckoAt $0.4881, a monetary equivalent of? is being traded.
Despite the lower price, altcoin continues to do well. It has seen 8.5% growth in the last seven days, and 7.1% over the past 24 hours.
The XRP Short-Term Break
Bitcoin’s tendency to waver at the $18,300 support level is triggering effects on majority of altcoins including the XRP.
As for the anticipated bullish rally that comes with the rounding bottom pattern, it can be inferred that the digital asset’s price is taking a short movement break, consolidating at the $0.48 mark at the moment.
For the uptrend to begin, large volumes will be required. If the above conditions are met, then XRP prices will rise by 10% and reach $0.52.
Ripple tokens are facing key resistance at $0.52 and $0.58. Traders also look at support levels for digital assets of $0.44 or $0.382.
Featured Image from Cryptopolitan. Chart: TradingView.com| Featured image from Cryptopolitan, Chart: TradingView.com