XRP price appears to have trembled as the rally has flipped into a bearish divergence after going parabolic
Yet the confirmation of a downtrend still remains distinct as the asset is primed for a massive rally amid the Ripple vs SEC lawsuit
On the other hand, the SEC employees are speculated to hold XRP and hence Ripple files a motion to expose
A fresh motion document has been published by James Filan, an attorney who is actively monitoring the SEC’s action against Ripple. As part of its ongoing legal battle with the financial watchdog, XRP has filed a motion to compel the Securities and Exchange Commission (SEC) to divulge its internal cryptocurrency trading policies.
Scott Melker, a well-known crypto strategist and trader, is keeping a close eye on XRP. As long as XRP holds a crucial level, he believes it will trigger a rally.
“If it holds $1.10, we should expect the price to be heading up to the $1.50 to the $1.70 region, ultimately, almost $2. After that, we can figure it out.”
XRP Price Analysis, How Ripple vs SEC Lawsuit Is Impacting The Price
The XRP price, since the mid of August, is experiencing a slight drain after going parabolic since the mid-may crash. Yet the price surge could eventually enter the critical zone between $1.64 to $1.74. As the price chart forecast the formation of a cup and handle pattern, which usually results in a massive rally.
The price got rejected at the strong resistance levels around $1.3 and declining towards important support levels close to $1. However, as the outcome of the cup and handle pattern, the price could pull a massive leg up to enter the resistance zone. Further, the bulls are expected to sustain the price within this zone without getting rejected again.
Collectively, amid the waves of the bearish September, yet the XRP price could rise high to surpass the yearly highs close to $2. The update regarding the Ripple vs SEC case, scheduled in a coming couple of hours could provide a greater push. And hence the $2 milestone could not remain much distinct.