YEREVAN (CoinChapter.com) – XRP/USD exchange rate stood at $0.37 on Dec 16, after trading sideways for the previous 24 hours, as the rumors about SEC vs Ripple lawsuit settlement flared up. However, according to the charts, the money transfer token might be on the verge of a large move. Here’s why.
XRP technicals forecast a break without suggesting bias
The digital asset formed a pattern dubbed the ‘symmetrical triangle,’ best visible on the four-hour chart. The latter entails converging trendlines with a similar slope. They enclose the price action, incrementally lowering the swing.
After XRP exhausts the formation, the triangle predicts a break equal to the maximal height between the trendlines. However, it does not indicate the bias of the future move. Thus, other cues should be taken into account to determine the direction of the possible break.
In detail, if XRP breaks to the upside, it could reach $0.51, while the target price for the bearish scenario is pinned at $0.26. Meanwhile, the MACD oscillator (bottom of the chart) printed red candles for the previous week. Additionally, the declining trading volumes testify to the lowering interest among investors, unprepared to double down on XRP just yet.
However, the possible settlement of the Securities and Exchange Commission’s (SEC) lawsuit against Ripple labs could provide the necessary bullish push to XRP.
SEC vs Ripple update: Twitter restless with settlement anticipation.
On Dec 14, Fortune published a “scathing” piece on SEC Chair Gary Gensler and how he “botched” crypto regulation.
As criticism of Gensler mounts, the image-conscious SEC chair is pushing back hard. He has finagled softball interviews with sympathetic press outlets like the New York Times and Politico in a bid to recast his incompetence as success.
read the accusation.
Moreover, Gensler faced accusations of mishandling the FTX implosion and not stopping the process when CEO Sam Bankman-Fried met with him. Jeremy Hogan, an attorney that often offers his views on the SEC vs Ripple case, hinted that Gensler is losing support from his own side.
Additionally, many crypto influencers jumped on the opportunity, suggesting an upcoming settlement in the lawsuit. Ben Armstrong, more known as @bitboy_crypto, tweeted on the subject several times in the previous hours.
Cardano chief Charles Hoskinson also chimed in, saying, “let’s see if the rumors I heard are right about the XRP resolution. Might have some egg on my face.” However, some followers received the predictions with healthy disbelief.
While rumors remain rumors, the two-year-long lawsuit drags on, with back-and-forth motions filed to the court. In early November, Jams K. Filan, an attorney closely tracking the case, forecasted the lawsuit ruling to come no sooner than March 2021.
Click here to keep up with the ever-changing crypto market and never miss the scoop!
