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Ripple (XRP) recovers to $0.72: New April lows still possible

 


Ripple XRP has broken out of its downtrend, climbing from $0.68 to $0.72 over the past three days.


Ripple Earns Important Victory Against SEC

Buying in XRP surged again after a US court denied the SEC's request to freeze internal documents related to a June 2018 speech by former director William Hinman. In that speech, he said Bitcoin ( BTC ) and Ether ( ETH ) are not securities.


The SEC sued payments processor Ripple in 2020, alleging that the company and its executives Brad Garlinghouse and Christian Larsen sold unregistered securities in the form of XRP tokens.


But since Hinman viewed similar cryptocurrencies as utility tokens, Ripple's legal team has argued that the SEC is biased towards XRP for treating it like a security token.


This lawsuit is inhibiting XRP’s uptrend. It is about the only cryptocurrency that failed to break its all-time high of over $3 in 2018.

But with Ripple racking up a few victories against the SEC, analysts are confident that it would bring a sustained boost to the XRP market.



More downside pressure on XRP course?

XRP price has already broken out of a down pattern and is recovering.


XRP was in an ascending triangle between December 28, 2021 and April 4, 2022 .


Rising triangles are considered a continuation pattern. Such constellations resolve when price breaks out in the direction of its previous trend. XRP broke down from its ascending triangle pattern on April 5, as seen in the chart below.

Typically, after breaking out of a rising triangle, price rises or falls by the maximum distance between the upper and lower trend lines measured from the breakout level. For XRP, the breakout level is at $0.82 and the maximum height of the triangle is at $0.32.


This puts the downside target for XRP at around $0.50. That would be a new low for 2022.


On the other hand, if XRP/USD sustains above the $0.69 support, a rally to the 50-day SMA (blue wave) at $0.78 in April is possible. The next target for the bulls would then be a test of the 200-day EMA (orange wave) around $0.88 in Q2.


The views and opinions expressed herein are solely those of the author  Every investment and trade involves risk and you should do your research before making a decision.

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