- XRP prices show the potential for bullish retracement before a stable support level of $ 0.398.
- Bounces from this barrier can cause a 40% rise.
- Investors should be aware that a 4-hour candlestick below $ 0.371 will invalidate a bullish dissertation.
XRP prices are recovering after a major decline that has been going on for over a year. Unlike many altcoins, remittance tokens have risen higher over their sweet time. However, the company Ripple seems to be on track despite facing various wars.
Ripple’s tail watchdog
Ripple appears to have taken good defenses in a proceeding filed by the US Securities and Exchange Commission. In addition, Ripple’s lawyers have pressured plaintiffs to hand over the conversation that took place before the 2018 speech by former SEC director William Hinman.
As previously reported, these documents will provide Ripple with the ammunition needed to make strong claims in their defense.
The latest development includes a detailed response from the SEC on May 31st, denying defendants access to the above documents due to attorney / client privileges.
#XRPCommunity #SECGov v. # Ripple #XRP The SEC opposed Ripple’s motion to challenge SEC’s response to Defendant’s fourth series of admission requests, alleging that he had responded fairly and substantially to the request in question. pic.twitter.com/x6uRYnMph6
— James K. Filan 100k + (Beware of Scammers) (@FilanLaw) June 1, 2022
However, the meeting scheduled for June 7, 2022 will discuss the SEC’s new claims of attorney / client privileges regarding internal documents related to Hinman’s June 14, 2018 speech.
Plow despite the challenge
In a recent interview with Cointelegraph on May 30, Ripple CEO Brad Garlinghouse announced a $ 100 million investment in the carbon trading segment. These carbon markets play an important role in reducing greenhouse gas emissions.
Adding more to this topic, Garlinghouse said it doesn’t use NFTs, unlike cryptocurrencies that use a lot of resources. He continued that although there are many localized hype around non-substitute assets, the entire asset class is still very undervalued and “undervalued”.
In the third quarter of 2021, Ripple allocated $ 250 million to the Creator Fund, allowing creators, brands and marketplaces to explore new use cases for non-fungible tokens in the XRP ledger.
While Fundamentals are shining brightly for Ripple, technical is also bullish on XRP prices, suggesting a major rise soon.
XRP prices are waiting for an opportunity
XRP prices have formed highs equal to three lows since May 13. Connecting these swing points using a trend line forms a pattern called a descending triangle. This technical pattern predicts a 13% downswing of $ 0.345, obtained by adding the distance between the highs and lows of the first swing to the breakout point of $ 0.398.
The price of XRP fell on May 26th, but failed to reach its target, indicating that it was a fake. Ripple then reversed that trend and returned to the pattern.
Currently, the price of XRP is trading above the low tenus of the triangle and could drop to $ 0.398 before triggering the next leg-up. This move allows bystander buyers to intervene, trigger the next phase of the rally and drive XRP to $ 0.455.
In a very bullish case, this move retests the $ 0.555 hurdle, bringing the total profit to 40%.
XRP / USDT 4-hour chart
Things are looking up not only from a basic point of view, but also from a technical point of view, but a 4-hour candlestick below $ 0.371 invalidates a bullish dissertation by producing a lower low. With this development, remittance tokens could be reduced by 18% to $ 0.302.
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