The famous legal case between SEC and Ripple can finally end as the speculations rise up for a final verdict today. Driving the XRP price closer to $0.70 after four months of pullback, the sentiments-based rally ignites a new bull run.
On Sunday, attorney and partner at Hogan & Hogan Jeremy Hogan gave clarity on the potential $770 Million penalty for the XRP token illegal sales. He tweeted, “In conclusion, $770 million is NOT going to be $770 million, but something much less.” providing a sentiment boost for XRP HODLers.
Moreover, the Ripple price prediction teases a new 2023 high of $1.
In the 1-Day chart, the XRP price showcases a dramatic trend reversal to avoid a death cross. Crossing above the pullback trendline, the reversal from $0.45 gains momentum with the improving market conditions.
Forming a rounding bottom pattern, the trendline breakout rally is close to $0.70, and the neckline is at $0.71. Further, to support the bullish reversal and reflect a high demand, the strong bullish engulfing candles dominate the price chart.
With a 42% jump in the last 25 days, multiple bullish catalysts continue to fuel the reversal trend. Moreover, it may soon help the XRP price reach the psychological mark of $1. Currently, the altcoin price is trading at $0.6780 with an intraday growth of 2.01%, reflecting no signs of weakness in trend momentum.
Technical Indicators:
MACD indicator: The MACD and signal lines continue positively with a growing bullish gap. Thus, the momentum indicator shows a growth in bullish trend momentum. Further, the bullish histograms are on the rise.
EMA: The rising 50-day EMA increases the bullish gap from the 200-day EMA and increases the uptrend possibility.
With the bullish sentiments rising for the XRP price, Ripple may soon win the legal case and refuel the trend momentum. Moreover, the rounding bottom forming with a neckline at $0.71 shows the potential to catapult the price to $1.
Further, on a positive note, the bull run above $1 can reach the next target at $1.21, accounting for a 21% hike.
Conversely, a reversal from $0.70 can result in a price fall to the $0.60 mark.
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