XRP Could Soar 500% as Hidden Bullish Pattern Emerges
Amidst ongoing regulatory uncertainty, XRPs technical analysis reveals a compelling bullish case. As per market experts, the asset at the heart of the Ripple payment network is poised for a potential parabolic surge. The prediction of a massive rally is based on key indicators like the Multiple Hidden Bull Divergences.
As suggested in the chart, Hidden Bull Divergence occurs when the price is lower bottom, but a corresponding indicator [like RSI or MACD] forms a higher bottom. This indicates a bullish divergence between price and momentum, often indicating a potential reversal.
In the case of Ripple-affiliated coin, the formation of these divergences near long-term resistance levels is historically significant and adds further weight to the bullish argument. If XRP manages to break above the $3.313 resistance zone, it would mark a seven-year breakout. This breakout could potentially fuel a parabolic rally, taking XRP to new all-time highs of nearly 500% surge.
On the regulatory aspect, crypto lawyer Bill Morgan recently addressed concerns about the SEC potentially using obiter dictum to challenge XRPs non-security status. He assured the community that while Obiter isnt compulsory on appeal, the SEC has hinted its focus remains on Ripples institutional sales, not XRPs core status.
XRP Regulatory Chaos and Potential Appeal Strategy
Morgans comments come in the wake of the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). Ripples legal team addressed the community concern on the SECs potential appeal strategy to depend on obiter dictumlegal comments not central to the courts ruling. These have triggered speculation that the regulator may attempt to challenge the status of XRP as a non-security on appeal.
For those new, Ripple won partial victories when the court ruled the altcoin when sold on secondary markets, is not considered a security and had the fine imposed reduced significantly. Although non-binding, such comments could potentially be referenced in future legal arguments or appeals.
While the fate surrounding the token remains uncertain, the technical evidence suggests that a substantial price increase is highly probable. Investors closely monitoring XRP should be prepared for a potential 500% rally in the near term.
Read more: https://www.tronweekly.com/xrp-soar-hidden-bullish-pattern/
Text source: TronWeekly
