XRP has a good chance of hitting $ 1.50 in the fourth quarter of 20 days after drawing a bullish crossover between its 20-day and 50-day Exponential Moving Average (EMA).
The so-called Golden Cross has appeared on the XRP chart more than once in history. Its last event was on August 10, which was followed by a rally of about 80% of the price, before the XRP returned to the negative side before falling seasonally to $ 1.43.
Similarly, the 20-day EMA of XRP on February 4 matched the price rally of about 400%, above the 50-day EMA. In doing so, the XRP reached a one-year low of 9 1.98, further proving that similar bullish responses from recent Golden Cross traders may be responding.
More signals for a reverse move come from the Rising Wage pattern. Channel The up and down trendlines of the upward channel pattern have recently acted as a deterrent and support for the price movement of XRP. The ongoing upward movement of the cryptocurrency has also followed a strong bounce from the downward trend of Wages, as shown in the chart above.
Thus, XRP seems to be more likely to extend its return to the upper trendline of Wage. This is roughly drawing a bullish target of RP 1.50 for XRP.
Ripple vs. SEC
The latest SEC vs. Ripple case update has also come in the wake of the latest buying battle in the XRP market.
For the unselected, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs and its two executives in December 2020, alleging that they raised more than .3 1.3 billion through unregistered securities offers through XRP tokens.
In response, Ripple Labs is trying to prove that XRP is a utility token – not security – based on a speech by former SEC director William Heinmann where he mentioned that ether, a blockchain token like XRP, is not a security asset.
The current SEC regime argues that Heinmann’s views were personal. But based on recent research, U.S. securities regulators may be lying.
Ripple’s legal team recently submitted a log to the court stating that the SEC was instructing its staff to analyze digital currencies according to the structure provided by Heinmann. This could prove that Heinmann’s speech was not merely a personal opinion but an official directive.
Related: Judge rejects XRP Hoodlers’ bid to join SEC against Ripple case as defendant
Judge Netburn ruled in favor of Ripple Labs and added evidence to their “in-camera” review.
#XRP Community #SECGov v. # Ripple #XRP BREAKING: 1/3 Judge Netburn directs SEC to review camera-in-camera meetings with SEC law enforcement agencies and an email chain of discussions with a third party that received instructions from the SEC pic.twitter.com/zbjDi7HKYJ
– James Philan (ila Philanlau) October 8, 2021
The ruling was published in October, followed by a 17% rally in XRP prices.
Also bearish reversal pattern in pl
The rising wedge of XRP is a bearish reversal pattern. As a result, cryptocurrency gains will face future correctional risks if prices break below the lower trendline.
The potential negative breakout risks sending the XRP price as the maximum distance between the lower and upper trendlines of the wage. This will keep the cryptocurrency negative target below $ 0.65.
The opinions and opinions expressed herein do not merely reflect the views of the author and Cointelegraph.com. With every investment and trading move involving risk, you should conduct your own research when making decisions.