- XRP price is poised to break out of the symmetrical triangle formation and reach the $0.3566 level target.
- The SEC vs. Ripple legal battle is nearing its deadline as Judge Analisa Torres prepares to deliver her verdict.
- US economic data continued to provide support for altcoins and the broader cryptocurrency market, with employment reports and the ISM Non-Manufacturing PMI boosting demand.
XRP, the sixth-largest cryptocurrency by market cap and the native token of the Ripple ecosystem, is headed for a bullish breakout. The altcoin is targeting the $0.3566 levels after breaking out of the symmetrical triangle formation. The SEC v. Ripple lawsuit is fast approaching final ruling, with both parties preparing to file complaints.
Also read: Ripple partners driving adoption in South Asia and MENA. Here’s what you can expect from the XRP price:
XRP Bulls Target $0.35 Levels As Altcoins Prepare For Bullish Breakout
XRP bulls believe that a breakout from the $0.3423 level is likely as the altcoin approaches the upper trendline forming a symmetrical triangle. As XRP price moves between his two lines of convergence, the expert is eagerly awaiting a bullish breakout for the altcoins.
With a market cap of $17.3 billion, XRP bulls are looking to boost the altcoin. Large wallet investors on the Ripple network have started accumulating altcoins through the recent price drop. After scooping up XRP tokens, whales may increase activity and engage in profit-taking when remittance coins hit local highs.
XRP/USDT price chart
As seen in the chart above, the XRP price is moving between two convergent lines and is in a symmetrical triangle formation. level. The next bullish target for altcoins is $0.3566.
The Relative Strength Index (RSI) is a momentum indicator and is currently reading 49.44. XRP is close to neutral levels and there is no bullish or bearish divergence on the RSI. The 50-day exponential moving average (EMA) is currently acting as resistance for the altcoins, and the 200-day EMA is the next resistance at $0.3590.
SEC v. Ripple Lawsuit Update and What to Expect
The U.S. financial regulator, the Securities and Exchange Commission, joined a legal battle over cross-border money transfer protocols in December 2020. The lengthy legal battle between regulators and payment giants continues, and Judge Annalisa Torres is about to share her final verdict. problem. Both parties recently filed motions by January 4th.
Ripple CEO Brad Garlinghouse expects 2023 to be a landmark year of regulatory clarity for the U.S. crypto industry. Garlinghouse shared his thoughts on the start of the 118th Congress, saying he was cautiously optimistic as support for regulation was “bipartisan and bicameral.”