- Ripple’s case with SEC continues to drag on as regulator slams XRP-friendly firms
- XRP stays bullish despite consolidating the past week
- Expect a breakout from an inside bar, with $0.60 in sight
Ripple XRP/USD remains bullish but has been consolidating lately. The developments regarding Ripple’s case with the SEC continue to be the main price catalyst.
Blocked because of Ad Blocker
It seems that you are using some ad blocking software which is preventing the page from fully loading. Please whitelist this website or disable ad blocking software.
On October 5, the SEC protested amici briefs submitted to the court by two firms supporting Ripple. The regulator said the briefs contradicted the prior court’s order and fell outside the limitations of discovery rules. Ripple has since slammed the SEC for its attempt to stop XRP-friendly firms ahead of the summary judgement.
While the outcome of Ripple’s case with the SEC remains uncertain, XRP buyers have been positioning for a win. In September, CoinJournal reported that Ripple and the SEC had called for a summary judgement of the case. In fact, the latest attempt by the SEC to block the friendly firms is raising speculations of a shaken regulator. Nothing is the truth now, but it remains to be seen how this plays out next.
XRP forms an inside bar on the weekly chart
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
As XRP hit $0.5, the price stalled, leading to the formation of an inside bar set-up. An inside bar indicates indecision in the market. Normally, inside bars form when a strong move occurs in the market. In a bullish market, the price “pauses” before the next move.
Source – TradingView
In the weekly chart, we can see an inside bar set up after XRP rose strongly. While the inside bar communicates indecision, it signals that the token is gathering momentum for the next move.
We can also see that the MACD indicator is showing a building momentum. It means that we are more likely to see a bullish breakout soon.
It is not yet time to buy XRP. A bullish breakout of the inside bar will confirm a buy trade. $0.60 will be the next level to watch. Potentially, XRP could rise above $0.6 on a strong move in the market.
The post Key breakout looms for XRP. Here is the price action appeared first on BTC Ethereum Crypto Currency Blog.