- Bitcoin’s price drop and the SEC’s appeal in the Ripple case has led to a fall in sentiment.
- One analyst explains why and how the SEC’s appeal cannot trigger a prolonged bear market.
- He goes on to list the many bullish indicators that will result in a high XRP price.
Bitcoin’s dip and the SEC appeal in the Ripple case has led some traders to FUD expecting a prolonged bear reversal for the crypto market. While most analysts highlight bullish indicators like completed bullish chart signals, the Fed rate cut, the US Presidential elections, and many more signs, one analyst goes on to explain why XRP alone won’t cause a bear fall.
The SEC’s Decision and Repercussions
Despite the SEC’s decision to appeal the Ripple case, macro trends suggest that this won’t trigger a long-term bear market for XRP. Historically, XRP has surged even amid legal challenges, such as during the 2020 lawsuit when its price rose from $0.11 to $1.95. Technical indicators show that XRP has been consolidating and building a macro base for nearly seven years, positioning it for another potential price rally.
XRP Remains Bullish Despite the Challenges
The Bollinger Bands, a key volatility indicator, are tighter than ever in XRP’s history, signaling that a large price move could be imminent. Past trends suggest that initial moves following periods of low volatility are often deceptive, designed to catch traders off guard. However, these movements have historically resulted in significant upward momentum for XRP.
Additionally, XRP’s legal clarity and upcoming ETF make it a strong contender for mass adoption, which could propel its price even higher. On the political front, if Donald Trump wins the upcoming U.S. election, it’s likely that current SEC Chair Gary Gensler will resign, potentially leading to market optimism, particularly for XRP.
While the SEC’s actions may temporarily suppress XRP’s price, charts suggest it won’t be long before XRP breaks out, potentially marking the end of the SEC’s influence on the asset’s value. Investors are advised to focus on long-term trends and remain patient, as XRP continues to present opportunities for substantial growth.
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