Bullish Momentum Builds for XRP Price After SEC Clearance—A Breakout Imminent?

• XRP’s SEC clearance paves the way for a potential breakout, with technical indicators showing strong bullish momentum.
• Favorable chart patterns and improving market sentiment suggest XRP could experience significant gains in the near future.

XRP has lately gained traction after World of Charts tweeted about its potential for a major price increase. According to the tweet, XRP has now been cleared by the United States Securities and Exchange Commission (SEC) following a lengthy legal battle.

$Xrp #Xrp Has Finally Received Clearance From The SEC After A Prolonged Legal Battle, Paving The Way For Significant Price Appreciation. From A Technical Standpoint, XRP Is Exhibiting Remarkable Strength, Consolidating Within A Multi-Year Symmetrical Triangle Formation. This… pic.twitter.com/SnxXwesXqj

— World Of Charts (@WorldOfCharts1) August 25, 2024

XRP Price is Poised for a Major Breakout Amid Strong Technical Indicators and Improved Market Sentiment 

This regulatory milestone is regarded as a major breakthrough that may pave the door for significant price increases. Technically, XRP is exhibiting extraordinary strength, as it consolidates within a multi-year symmetrical triangular pattern.

This pattern frequently indicates a high-probability breakout, which might trigger a large bullish wave. If this scenario plays out, XRP’s price may rise to $3 or even higher in the next few months.

Several major reasons support the bullish breakout scenario for XRP. First, there is an increase in buying pressure, indicating that the cryptocurrency is becoming more popular. Second, market sentiment towards XRP has improved, particularly following the successful litigation settlement with the SEC.

Furthermore, increasing technical indicators, such as rising moving averages and positive momentum oscillators, support the case for an upward price movement. Favorable chart patterns, such as the symmetrical triangle, indicate that XRP is poised for a major breakout.

If the breakout is verified, it is likely to attract significant investment flows, accelerating XRP’s rise and possibly signaling the start of a significant bull run.

As of this writing, XRP is trading at about $0.5982, down 0.46% over the last 24 hours. With this plunge, the token has once again fallen below the key $0.60 mark. Despite the short-term decrease, the long-term outlook remains positive.

On the other hand, CNF recently revealed that wealth advisor Mickle believes Ripple’s On-Demand Liquidity (ODL) service may encourage market makers to accumulate XRP, thereby raising demand. This sentiment is in line with the general bullish outlook that many analysts share.

In a more bullish and daring analysis, popular analyst Javon Marks projected a probable XRP breakout that may spark bullish momentum not seen since the 2016–2017 rally, when XRP experienced enormous price increases. Also, Marks even said that XRP may surpass $200.

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