XRP eyes $5 breakout amid wins against the SEC

• Q3 shows signs of a potential uptrend for Ripple’s XRP despite earlier declines.
• Legal wins for Binance and Ripple clarify regulations and influence XRP’s market outlook.

In Q1 of 2024, Ripple’s XRP peaked at $0.68 on 10th March, the highest so far for the year, but has since struggled to reach that level again.

However in Q2, on 12th March, XRP experienced a significant decline from $0.60 to $0.50 and has been unable to recover those losses.

As of the latest update on 1st July, XRP showed an increase of 1.16% in the past 24 hours indicating some positive movement in the market. But it was still trading at $0.48, still below the March highs.

XRP poised for a bull run?

This uptick suggests that there may be renewed investor interest or other favorable factors influencing XRP’s price. 

Remarking on the same, Armando Pantoja, Advisory Council Member at Benzinga said, 

“$XRP on verge of breakout to $5 soon!” 

He explained that XRP is poised to break out from a symmetrical triangle pattern on its price chart.

Thereby, signaling the potential for significant price movement in the direction of the breakout. 

However, investors should take Pantoja’s prediction of a 1,000% price surge for XRP with a grain of salt, given its current status.

Ripple vs. SEC

This aligns with recent developments in the SEC’s legal battle with Binance.

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On 28th June, Judge Amy Berman Jackson dismissed parts of the SEC’s lawsuit against Binance [BNB] and its founder, Changpeng Zhao.

The ruling declared that secondary sales of Binance’s BNB coins do not qualify as securities under the Howey Test.

This echoes a similar outcome from Judge Analissa Torres’ decision in Ripple’s case against the SEC.

Expressing his opinion on the matter, Ripple Chief Legal Officer Stuart Alderoty noted, 

“For all the SEC has done to muddy the waters with its inconsistent legal theories, the Courts are seeing right through them. The Binance decision last night is long but absolutely worth a read.” 

He added, 

 “Judge Torres in SEC v Ripple got it right – XRP, in and of itself, is not a security. Other Courts are recognizing her decision for what it is – consistent with the law of the land.”

A word of caution

However, investors should note that the recent price surge might be short-lived, as the RSI and MACD technical indicators suggest sellers’ dominance.

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Thus, whether Q3 will favor XRP or not, remains uncertain.

Hence, for XRP to turn bullish, it must surpass the resistance at $0.52; but if it falls below the support level at $0.45 the bearish sentiment could favor over bullish trends.

Source: TradingView