This week marks a key phase in the SEC vs. Ripple case that could significantly impact market sentiment and XRP's price movement.
Critical Week for SEC vs. Ripple Case
By Wednesday, the SEC is expected to file its appeal, which could significantly influence market sentiment and XRP's price action.
XRP Breaks Out of Bullish Pennant
On Saturday, XRP broke out of its Bullish Pennant, surging by 11% as it surpassed its upper trendlines, supported by increased trading volumes. However, as of January 13, XRP is showing signs of retreating toward the triangle’s lower trendline, hovering near $2.40.
Rising Spot Outflows and Selling Pressure
On Sunday, XRP experienced a surge in spot outflows, with over $41.44 million worth of the token sold. This aligns with its resistance level, as selling pressure continues to mount.
The key question for XRP is whether it will hold above the critical $2.40 support level or face a deeper correction. Sustaining the support would likely keep the $4 symmetrical triangle target within reach, while breaking below could lead to further declines.
