XRP ready to surge again after consolidation

XRP MARKET_MINDS BULLISH

Market & Ticker: Ripple – XRP/USDT 

 

Date: 20/10/2023 


 
Horizon / Timing:  Tactical Mid-term / 1 to 3 months

 

 

 

Scenario:  

 

XRP recently surged after the SEC drops lawsuit against XRP executive. This offers an opportunity to enter in a bullish trend . 
 
The scenario is to buy the dip on current level to catch a volatile upside move towards 0,63 and 0,69 corresponding to the resistance area to bypassed to lower the downside risk – as long as 0,4230 remains a support valid in daily close. Only a clear break in daily close above 0,69 would open the door towards 0,9240 and 1,2540 

 

We also want to highlight the regulation risk still going on the Ripple project – the price action will be impacted by the news flow between the SEC and Ripple. (See below) 
 


Ripple and the SEC 

 

Since late 2020, Ripple Labs, the creators of the XRP token, has been locked in a legal battle with the United States Securities and Exchange Commission. The big question is whether or not XRP is a security. 

 

On Dec. 22, 2020, the SEC filed a lawsuit against Ripple Labs and two of its executives on the grounds that they traded $1.3 billion in their XRP token as security without registering it with the commission. There have been arguments for and against the lawsuit. However, Ripple has strongly countered the claims, arguing that the SEC has been biased in its assessment. 

 

Based on the commission’s definition of XRP in its lawsuit, the cryptocurrency would pass the Howey test, and according to SEC regulations, all securities must be registered. 

 

👉The 19.10.2023 the SEC drops lawsuit against Ripple XRP executives. 

 

 

Technical Key Elements: 

 

- Bullish exit from a triangle pattern expected 
- RSI indicator is challenging 50% area and remains oriented to the upside 
- The Moving average are still resistance 
- Fibonacci key support is adjusted at 0,4230 while the Elliot wave shows upside potential towards 0,63 and 0,69 

 
Trade Idea conclusion:  Buy - Conviction:

 

:médaille:
:médaille:
 Medium

Target 2: 0,9240 

Target 1: 0,63 & 0,69 

Buy: add in dip area 0,52 

Stop: 0,4230 

 

 

 

Chart: Daily Basis (Candle Stick) - Logarithmic  

 

Indicators: Exponential Moving Average (21/34/89) - RSI (21) 

 

 


 

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