XRP price has surged by 30% in the past two weeks, driven by the conclusion of Ripple's legal battle with the SEC and a broader crypto market recovery.
Formation of Symmetrical Triangle
XRP is forming a symmetrical triangle, which is a classic bullish continuation pattern. This setup occurs after the price consolidates between converging trendlines. A breakout above the upper trendline could see the price rise to $4.35, representing a 75% increase from current levels. Conversely, a price drop below the lower trendline could pose a risk of decline.
Positive Fundamental Factors
Following the SEC case closure, along with Bitnomial dropping its lawsuit against the SEC, XRP markets have gained momentum. The launch of the first U.S. CFTC-regulated XRP futures could increase liquidity and trader interest.
Legal Challenges and Future Outlook
Despite the positive momentum, Ripple faces legal restrictions due to a court injunction limiting XRP sales to institutional investors. As noted by crypto lawyer John Deaton, this situation may complicate direct sales of XRP to banks and financial institutions.
XRP's price is on the rise amid the favorable resolution of the SEC lawsuit and other positive factors. However, the company continues to face legal hurdles that could impact its future strategic decisions.
