XRP Ripple BREAKING news today 🚨 SEC Trying HIDE Hinman Emails & Estabrook Notes in SEC v Ripple 🚨
- XRP has been consolidating for nearly three months.
- Prices have gotten squeezed between the $0.80-$0.74 range.
- Such market behavior suggests that a spike in volatility is underway.
Ripple (XRP) appears to be gaining momentum for a breakout as it approaches the apex of a symmetrical triangle on its daily chart. Still, the direction of its trend will be determined after a break of support or resistance.
For instance, XRP’s price action continues stuck within a symmetrical triangle that has been forming on its daily chart since late December 2021. A descending trendline developed along with the swing highs while an ascending trendline formed along with the swing lows. This consolidation pattern estimates a daily candlestick close outside of the $0.80-$0.74 price range will determine the direction of the trend.
Given the ambiguous outlook that Ripple presents, it is reasonable to wait for a decisive break of support or resistance before entering any trade. Breaching any of these hurdles could result in a 39.50% price movement to either $1.12 if bulls take over, or $0.45 if bears take the upper hand. This target is determined by measuring the distance between the two highest points of a triangle and adding it to the breakout point.
It is worth noting that XRP remains at risk of securities classification. Even though Ripple has assembled an all-star team of securities lawyers, with Andrew Ceresney, former director of the SEC’s Division of Enforcement being one of them, a hypothetical “XRP = security” court ruling will not go unnoticed. The ripple effect of such a decision could lead to a wipeout of many adamant investors.