The XRP price showed a neutral candle formation for over a week, struggling to surpass the multi-year resistance. This consolidation displaying multiple short-bodied candles with long wicks indicates a lack of initiation from buyers or sellers. The uncertainty can be attributed to crypto investors closely monitoring any SEC updates and regulatory shifts before a directional move.
Analysts See XRP Price Rally to $2 as SEC’s Credibility Erodes Before Appeal
In a recent tweet, crypto enthusiast Danny (@defiphvntom) sparked a heated debate about the potential SEC appeal regarding XRP on October 7th.
According to Danny, the SEC has lost credibility, and as XRP and the broader crypto market continue to gain traction, “their only saving grace is finalizing their decision to not appeal.”
The SEC has been embroiled in a long legal battle with Ripple, the company behind XRP, over whether the cryptocurrency qualifies as a security. As Danny highlights, U.S. elections are just 40+ days away, followed by mandatory ISO 20022 implementation in 2025, which could further solidify the use of blockchain technology across the banking sector.
The tweet further mentioned that institutional asset managers are bullish on crypto, and with banks’ growing interest in tokenization and blockchain use cases, the industry would continue to grow.
With the potential for new regulations supporting crypto looms, Danny hints the SEC is less likely to appeal.
XRP Inches Away From Major Breakout
By press time, the XRP price traded at $0.587, with an intraday loss of 0.56%. The modest pullback hints at the continuation of its 10-week consolidation and struggle to breach the overhead trendline intact since September 2021.
The coin price is just 2% away from challenging the overhead trendline. Crypto analyst Dark Defender pointed to the descending trendline, suggesting that a breakout from this resistance level is imminent.
A Star is formed, and we will see the nebula’s light.$XRP breakout is imminent.
Get ready, #XRPArmy. pic.twitter.com/01EkhNwk1L
— Dark Defender (@DefendDark) September 26, 2024
If successful, the XRP price could surge 61% to challenge the $0.93, followed by an extended rally to $2.
On the contrary, if the XRP price failed this breakout, the sellers could drive a sharp correction with renewed selling pressure.
Frequently Asked Questions (FAQs)
Analysts believe XRP is poised for a major breakout due to several factors, including growing institutional support for blockchain technology and ongoing speculation that the SEC may avoid appealing the Ripple case.
XRP is experiencing consolidation with neutral candle formations due to market uncertainty. Investors are closely watching for updates on the SEC’s decision regarding an appeal in the Ripple case,
XRP is just 2% away from challenging a multi-year resistance trendline that has remained intact since September 2021. A breakout from this level could signal the end of the consolidation phase and trigger a bullish rally, potentially pushing XRP’s price to $2.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/analysts-xrp-price-2-sec-credibility-wanes-appeal/
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