The recent candlesticks might indicate the early stage of a strong bullish run, as the value of XRP has risen by over 60%. However, it might experience a pullback lower to USD 0.34 if it does not follow the expected pattern.
Over the last few days, the price of XRP has gained significant value, thus recovering its bullish trend. The Blockchain Association recently filed an amicus curiae brief to support the Howey interpretation in the SEC vs. Ripple case.
Crypto Proponents Support Ripple as It Moves Closer to Victory
Ripple receives support from the crypto community as it approaches victory over the SEC in the lawsuit. In addition, the Blockchain Association, a leading cryptocurrency firm, filed an amicus curiae brief against the American regulatory agency in court.
The Blockchain Association stated that securities laws do not contemplate how an asset issued as a security can exist without an investment contract. They said it was a crucial consideration when applying the Howey test to digital assets.
In December 2020, the US Securities and Exchange Commission filed a lawsuit against Ripple for distributing XRP, its native token, as an unregistered security. Since then, the case has seen various documents and motions, and now it favors the American company.
The Price of XRP May Rise Considerably
The latest earning reports from Ripple indicate that the company holds less than 50% of the XRP supply. Brad Garlinghouse, its CEO, said this percentage is still a huge milestone.
The candlesticks on the price chart of XRP might indicate the early stage of a strong bullish run. Over the last month, the value of the cryptocurrency has risen by over 60%, encouraging its community and investors.
XRP is trading at around USD 0.47 and has accumulated a 0.97% gain over the last 24 hours. While its market capitalization is above USD 1.44 billion, its market capitalization is about USD 23.16 billion, according to CoinGecko.
However, the bullish trend forms a countertrend pattern on the price chart where a bearish trend is about to occur. If the price exceeds the immediate resistance level at USD 0.55, it might reach the upper bound of the Bollinger band at USD 0.67.
If XRP remains above USD 0.66, the upward trend may continue to USD 1. If the RSI (14) indicator continues to trade above 50, the price might test bullish territory over the coming weeks.
However, there may be a bearish trend if XRP does not follow the expected pattern. XRP might experience a pullback to USD 0.34, representing a 30% selloff of the current price of XRP. The lower bound of the Bollinger band is USD 0.42, below which the value may drop sharply to around USD 0.3.
Investors should research XRP or any other cryptocurrency before buying it to know their all-time high, behavior, and possible future price. It is only a matter of time before seeing where the market will take the value of the native token of Ripple.
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