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- The US SEC’s arguments on crypto to be regulated under securities law has been losing in court and Ripple officials are confident the jury will vindicate XRP holders during the next year’s trial.
- Amid the ongoing altcoin slow breakout, XRP price has signaled further gains as the macro triangle approaches the apex amid the crypto pre-halving accumulation.
After attempting to break above the macro falling trend severally since 2018 with no success, Ripple-backed XRP is undeniably well positioned to rally towards its all-time high in the coming months. The veteran altcoin has accumulated significant fundamentals in the past few years that have convinced well-funded institutional investors to tap into its future growth prospect.
Moreover, the altcoin has remained among the top ten most valuable digital assets despite the legal attacks from the United States Securities and Exchange Commission (SEC). According to Ripple’s Chief Legal Officer (CLO) Stuart Alderoty, the US SEC has been losing in court and is being criticized by Judges for shady behavior.
For instance, the US SEC approved Bitcoin futures exchange-traded product (ETP) but has been refusing to approve spot ETFs, yet they all tap into the same product. Mid-last month, the US SEC dropped claims against Ripple’s Chief Executive Officer, Brad Garlinghouse, and co-founder Chriss Larsen in a lawsuit that alleges the duo and the company violated US securities law.
To add on the Ripple wins against the US SEC, the agency’s interlocutory appeal was denied by Judge Analisa Torres, thus making XRP sales on exchanges, not investment contracts.
XRP Price Action and the Market Outlook
According to our latest market data, XRP price has been on a rising trajectory since the Terra Luna UST implosion early last year. Trading around 61 cents on Tuesday, November 21, 2023, XRP is on the cusp of invalidating the macro consolidation in the coming weeks.
According to a popular crypto analyst alias Dark Defender on the X platform, XRP price has been forming a cup and handle pattern on the daily time frame, which is signaling a breakout towards $1 in the short term. In this regard, the analyst highlighted that the trade setup will remain at play for as long as the XRP price does not fall below 60 cents. In case the bulls fail to defend the support level above 60 cents, the crypto analyst expects the altcoin to extend further toward the support zone around 52 cents.
Hi all. $XRP formed a cup & handle pattern in the daily time frame.
We set targets for $1.05 & $1.88 with the Elliott Waves, and now the Cup-Handle pattern is also blinking XRP to reach the targets.
Can the handle be extended towards $0.5286 Support?
We still need to close… pic.twitter.com/SvVokOYTs8
— Dark Defender (@DefendDark) November 21, 2023
Further, on the technical aspect, XRP price has respected the 200 four-hour Moving Average (MA) since the recent golden cross with the 50 MA. With the altcoin currently retesting crucial auto Fib Retracement zones, a further drop could see the altcoin retest the support level around 56 cents. Nonetheless, XRP price is currently attempting to regain a crucial support range on the daily Relative Strength Index (RSI) above 50, which could rejuvenate the bullish outlook.
Meanwhile, the XRP daily average trading volume in the United States has been gaining momentum after several exchanges led by Coinbase relisted the altcoin. According to market data provided by Binance-backed Coinmarketcap, Coinbase Global registered a 24-hour trading volume for XRP in USD derivatives of about $36 million.
