- XRP is regaining strength with the digital asset recently breaking its 777-day downtrend.
- Minor victories against the SEC are setting Ripple’s XRP on a bullish path with a 576 percent rally possible.
A market analyst has highlighted a major price trend reversal around Ripple’s XRP. Going by the name Dark Defender on Twitter, the XRP enthusiast has highlighted the bullish breakout after a 777-day downtrend. During this time, Ripple, the creator of XRP tokens has been battling a legal battle with the Securities and Exchange Commission (SEC). The regulatory agency accuses the fintech company of failing to register XRP as security.
While the case is yet to be settled, after some crucial victories for Ripple, many are optimistic that the U.S based company will be the ultimate winner. This could easily lead to the 576 percent rally predicted by Dark Defender to follow.
The analyst wrote;
#XRP has already broken the Downtrend
after 777 DaysSuper & 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
According to this analysis, the digital asset could retest the all-time high of $3.39 reached 5 years ago. At the time of press, XRP is exchanging for $0.4765 following a 2 percent drop in the last 24 hours. The digital asset is also in the red from the last 7 days after losing around 5 percent.
#XRP has already broken the Downtrend
after 777 DaysSuper & 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#XRPArmy#Ripple pic.twitter.com/KY8SGPBIS8
— Dark Defender (@DefendDark) June 18, 2023
Ripple case nearing conclusion
After the Hinman Documents were unsealed on June 13, many are speculating that the Ripple vs. SEC case is nearing a conclusion. Ripple CEO Brad Garlinghouse recently noted that the documents show that the SEC “knowingly created confusion about the rules, and they used that confusion through enforcement.”
He further noted;
This is about showing the extent to which the SEC has relentlessly enforced action against crypto players, while professing fake open arms and calls to come in and register, all the while lying about their so-called guidance.
Garlinghouse is one of many who believe that the case will soon come to a conclusion with Ripple coming out as the winner. “Ultimately as our lawsuit comes to a close, for so many others it’s just starting, so the fight for clarity has to continue” he stated.
As Ripple has been warning in the last two years, the SEC isn’t stopping at XRP and earlier this month it called out several other cryptocurrencies it believes to be securities. Among these are Cardano (ADA), Polygon (MATIC), Filecoin (FIL), Solana (SOL) and Binance Coin (BNB), and 63 others.
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