XRP has a good chance of hitting $ 1.50 in the fourth quarter of 2021 after following a bullish crossover between its exponential moving averages (EMA, for its acronym) of 20 and 50 days.
The so-called Golden Cross (golden cross) has appeared several times in history on XRP charts. Its last appearance was on August 10, followed by a price hike of around 80% when XRP hit a seasonal high of $ 1.43 before going down.
In the same way, a close of XRP’s 20-day EMA above the 50-day EMA on February 4th, which later coincided with a price rally of around 400%. In the process, XRP hit an annual high of $ 1.98, further confirming that the recent Golden Cross could provoke a similar bullish reaction from traders.
An ascending wedge pattern provides more signals for an upward movement. The upper and lower trendlines of the ascending channel pattern have served as resistance and support for XRP price action lately. The sustained upward movement in the cryptocurrency also followed a strong rally from the lower trendline of the Wedge, as shown in the graph above..
Because of this, XRP’s potential to extend its leap towards the upper trendline of the wedge appears high. That roughly shows a bullish target of $ 1.50 for XRP.
Ripple vs. SEK
The most recent round of buying in the XRP markets also came in the wake of a recent update to the SEC’s lawsuit against Ripple..
For those who don’t know the US Securities and Exchange Commission (SEK) filed a lawsuit against Ripple Labs and two of its executives in December 2020, claim that raised more than $ 1.3 billion through an unregistered offering of securities with XRP tokens.
In response, Ripple Labs tried to prove that XRP is a utility token – not a security. based on the speech by former SEC director William Hinman, in which he pointed out that ether, a blockchain token like XRP, is not of value.
The current SEC regime argues that Hinman’s opinions were personal. But based on the latest discoveries, the US Securities and Exchange Commission may have lied.
Ripple’s legal team recently filed court files showing that the SEC is instructing its employees to analyze digital currencies according to the framework provided by Hinman. This could indicate that Hinman’s speech was not a mere personal opinion, but an official instruction.
Related: US District Judge Denies XRP Owners’ attempt to join the SEC as a defendant on the Ripple case
Judge Netburn ruled in Ripple Labs’ favor and added the evidence “in camera” to their review.
#XRPCommunity #SECGov V. #Wave #XRP BREAKING: 1/3 Judge Netburn orders the SEC to submit the two documents relating to the SEC’s meetings with law firms and the email chain regarding discussions with a third party advised by the SEC for in camera review pic.twitter.com/zbjDi7HKYJ
to???? James K. Filan (@FilanLaw) October 8, 2021
Last hour on #SECGov v. #Ripple, XRP Community: 1/3 Judge Netburn orders the SEC to keep the two documents on the SEC’s meetings with the law firms and the email chain on the discussions with a third party advised by the SEC, behind closed doors to be submitted for review.
The failure occurred on October 8th, followed by a 17% rally in XRP price..
Bearish reversal pattern also in pl
XRP’s rising wedge is a bearish reversal pattern. As a result, future cryptocurrency profits would be at risk of correction if the price breaks below the lower trend line.
The potential negative breakout risks pushing the price of XRP as low as the maximum distance between the lower and upper trend lines of the wedge.. That would mean the downside target of the cryptocurrency. under $ 0.65.
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