Cryptocurrency analyst known by the pseudonym Bobby A, SEC Ripple He shared his views on appealing his case. According to the analyst, this appeal may have different consequences beyond a negative impact. So how might XRP be affected by this decision?
Below are my views regarding the SEC’s decision to appeal.
The macro charts below do not signal that this is the start of a prolonged bear market for #XRP due to an appeal. In fact, they show quite the opposite. News events like the one we witnessed yesterday are precisely… pic.twitter.com/9hQfegroGy
— Bobby A (@Bobby_1111888) October 3, 2024
According to analyst XRP Since the macro charts are currently in an uptrend, the appeal decision does not have the power to start a long-term bear market. The analyst even went further and claimed that this decision was used for manipulation purposes and was considered as a buying opportunity by more experienced traders.
The analyst reminded that even in 2020, when the SEC case started, the price of XRP jumped from $ 0.11 to $ 1.95. In the charts shared by the analyst, it is seen that the price has formed a macro basis by consolidating sideways for 16 months.
The monthly time frame shows that after the Bitcoin Halving, during each cyclical turn of the momentum oscillators, the asset experienced a rapid price increase that could begin at any time. According to the analyst, XRP closely mirrors the 2016-2017 bull cycle.
As in 2016, the price remains tightly wrapped around all the key higher time frame moving averages, including the median line of the monthly Bollinger Bands.