The XRP price has been relatively dormant for the past two weeks, while altcoins like Shiba Inu have more than doubled in less than six days. Interestingly, Ripple has created a huge bullish pattern, a “cup-handle” pattern on a 2-week chart.
This formation consists of a rounded base forming a cup and a smaller ‘U’ shaped consolidation to the right of it called the stem. A definitive close above the line connecting the tops of the cup and the handle indicates a breakout and indicates a 906% rise determined by measuring the distance between the bottom of the cup and the right apex. Adding this rise to the breaking point, XRP It sets a target of $15.30 for However, the XRP price will need to surpass its 2018 all-time high of $3.32 and increase exponentially to reach a new record high at $15.30.
The technical formation projects a double-digit target while the Relative Strength Index (RSI) supports this scenario as it hovers well below the overbought zone at 55.
Additionally, the Moving Average Convergence Divergence (MACD) indicates that the MACD line (blue) is above the signal line (orange), indicating a bullish crossover that suggests the short-term bullish outlook is climbing. The histogram also shows diverging orange lines, indicating a decrease in selling pressure. If the bullish momentum continues to increase, the histograms will also reveal a bullish crossover, adding confidence to the optimistic outlook for XRP.
While the techniques are currently showing a lot of supporting factors for a double-digit XRP, the fundamentals need to support it. Perhaps the most important event that can make or break this prediction is the SEC lawsuit.
On his last day as chairman of the United States Securities and Exchange Commission (SEC), Jay Clayton sued Ripple for selling unregistered securities in December 2020.
Since that time Ripplehad to fight this lawsuit against the SEC. Although the XRP price initially faced the repercussions of the lawsuit, it managed to bounce back spectacularly as it traded above $1. This flexibility in XRP may be due to the large number of partnerships Ripple has made.
Additionally, Japan supports Ripple as a commodity like BTC or ETH. Also, the payment company has the full backing of SBI Holdings, one of Japan’s largest banks. While all these developments keep XRP prices afloat, a win over the SEC would be a turning point, as it will, figuratively speaking, return power to cryptocurrency projects and put the SEC in the background.
Such a move could also allow partnerships like MoneyGram, which was withdrawn due to the SEC’s lawsuit, to bounce back. It will also enable top cryptocurrency exchanges to relist XRP. All these developments could bring the token to an all-time high of $3.32.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.