The XRP lawsuit has been the focus of attention in the cryptocurrency community. After the positive statement from the court, the altcoin price saw a huge increase. According to a popular trader, the decision in favor of Ripple could also push the Solana price higher. Here are the details.
The analyst, known by the crypto money market by the pentoshi nickname, said that Solana (SOL) took action after exiting the descending triangle pattern. told. According to the analyst, the XRP decision could lead to a trend reversal for the popular altcoin SOL.
“It has almost reached the top of the range and is up 50% from the first purchases. He had ‘died’ two and a half weeks ago. The XRP lawsuit should, in theory, breathe new life into it.”
News of the XRP decision pushed Solana as high as $30.05, up more than 39% from Thursday’s low of $21.49.
Last month, the SEC sued crypto exchanges such as Binance and Coinbase, and named several major cryptocurrencies such as Solana, BNB (BNB), Polygon (MATIC) as securities. This development, as expected, brought the price of SOL down. But Thursday’s XRP decision could also affect SOL’s status.
In addition to these, Pentoshi also evaluated the leading cryptocurrency Bitcoin. While BTC continues to consolidate in the $25,000 to $32,000 range, the analyst expects a long-term bull rally.
“We’ve spent a lot of time in the $25,000-32,000 range in BTC so far. These are the levels I’ve been focusing on for months. Literally, nothing has changed. HTFs (high timeframes) look much better than they have in a long time and I think we will be rewarded next year.”
The analyst predicts that Bitcoin will likely go to the $32,500 level in the next step and if BTC holds this as support, the king crypto will rise as high as $ 40,000.
With this in mind $BTC 32.5k is a magnet. If we get HTF closes above that then that opens up the door to 40k
IF = THEN https://t.co/95PFpsDzSH pic.twitter.com/BaFVUWwnqO
— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) July 10, 2023
On the other hand, Pentoshi is closely watching two upcoming events that could trigger a bull run for Bitcoin. First, there is the SEC’s anticipated August decision regarding Bitcoin exchange-traded fund (ETF) applications. The second is the Bitcoin halving event, which is expected to be held in April of next year.
Bitcoin is trading at $31,201 at the time of writing, up 2.01% in the last 24 hours.
You can follow the current price action here.