XRP (XRP) has regained approximately 30 % in the last two weeks, led by the recovery of the encryption market, and the long -term Ripple battle against the US Securities and Stock Exchange (SEC) has ended.
XRP/USD Daily Price Plan. Source: TradingView
The recovery of cryptocurrency also occurs within the limits of a classic rise pattern, which promises more gains in the coming weeks.
The symmetric triangle puts XRP 75 % in play
XRP technology is the XRP technology because they form a similar triangular style.
The similar triangle is a continuation of the classic upcoming continuation that is formed after the price is combined within a range consisting of the close trend lines after a strong trend.
As a base for technical analysis, the preparation is resolved when the price collapses over the upper direction line, and it may rise to the higher the maximum of the upper and lower lines.
XRP/USD weekly prices. Source: TradingView
As of March 21, XRP wore after testing the lower trend line of the triangle, as it looks to the rise towards the upper direction line – around the top point at the level of $ 2.35 – by April. The ultimate goal of this potential penetration is $ 4.35 by June, an increase of 75 % of the current price levels.
On the contrary, a decrease below the lower direction line can nullify the bullish setting, which leads to the preparation of XRP on the path about $ 1.28. The downward target is obtained by offering the maximum height of the triangle from the potential collapse point at $ 2.35.
source: Ammonyx
XRP basics boosts upside down
The bullish technical preparation develops in line with a modern set of positive events around Ripple and XRP.
It is worth noting that the cryptocurrency increased by up to 7.85 % to $ 2.41 on March 21, two days after the SEC dropped its appeal against Ripple.
The march gained momentum after the Bitnomial encryption rejected a lawsuit against the Supreme Education Council before the first XRP future to organize CFTC in the United States.
source: alpha
The futures contracts for merchants allow to predict the XRP price without maintaining the original directly, which increases the total market activity. This deepens liquidity, reduces slipping and facilitates the implementation of large trading.
However, according to the Crypto John Deaton lawyer, Ripple still faces a legal obstacle in the form of a judicial order issued by Judge Analisa Torres, who restricts the company from selling XRP to institutional investors.
Related to: The role of XRP in Us Digital Asset Stockpile raises questions about the interest of the distinctive symbol – does it belong?
He told Cointelegraph that the ruling can limit Ripple's ability to distribute XRP directly to institutional investors, i.e. banks and financial institutions, adding:
“If Ripple wants to be able to be able to release XRP directly to America, I think hanging is a judicial matter. How do you go beyond this gangle?”
This article does not contain investment advice or recommendations. Each step includes investment and risk trading, and readers must conduct their own research when making a decision.