🚨XRP Poised for 60% Surge as Market Anticipates SEC Leadership Change 🚀 🚀
XRP appears set for a potential 60% increase in the coming days following a breakout from a symmetrical triangle pattern, buoyed by recent developments in Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
The cryptocurrency’s price breakout aligns with Ripple’s recent court victory, which allowed certain documents in the SEC case to be filed under seal. This judicial ruling, made on 11th January, ensures the confidentiality of sensitive information related to Ripple’s summary judgment motion.
In an intriguing development, 34 million XRP has recently moved to exchanges, sparking speculation about a potential sell-off. Whale Alert, a blockchain transaction tracker, reported that an unknown wallet transferred approximately 30.17 million XRP tokens, valued at $76.34 million, to Coinbase.
This significant movement of crypto assets by whales may indicate impending selling activity or other strategic manoeuvres.
As of 12th January, XRP showed signs of retreating towards the triangle’s lower trendline, hovering around $2.37. Analysts warn that a decline below this support level could jeopardise the bullish breakout scenario and lead to further downward movement towards the lower trendline, estimated at approximately $2.30.
However, maintaining above the upper trendline would enhance the likelihood of XRP reaching its target of around $4 within the next few days.