The SEC lawsuit against Ripple has sent pretty serious shockwaves through the cryptocurrency market, with XRP’s price surging nearly 30% in just two weeks. This remarkable XRP price surge follows the SEC’s decision to drop its appeal against Ripple. Technical analysis suggests a possible 75% gain as legal hurdles clear, and this is certainly fueling the XRP market rally that we are seeing at the time of writing.
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XRP’s Legal Battle and SEC Lawsuit Outcome Could Trigger Major Rally
The SEC lawsuit appears to be concluding some major implications for XRP’s future from now on. On the date of March 19th, the SEC dropped its appeal, and then Bitnomial also went ahead and dismissed its SEC lawsuit before launching the first CFTC-regulated XRP futures in the US.
Technical Pattern Signals Potential 75% Gains
XRP’s chart shows a symmetrical triangle pattern signaling a bullish continuation. The XRP’s SEC lawsuit ripple effect has essentially created a consolidation within converging trendlines after a strong uptrend.
As of March 21, XRP bounced from the triangle’s lower trendline and is now targeting the upper trendline near $2.35 by April. The ultimate target is probably around $4.35 by June – a 75% increase from current levels. The volatility of the crypto market still remains a factor to watch during this chance at an XRP price surge that everyone’s talking about these last few days.
Legal Problems Still Remain Despite Progress
Despite some positive developments taking place, Ripple also faces some ongoing legal challenges. Crypto lawyer John Deaton had this to say:
“If Ripple obviously wants to be able to issue XRP to banks in America directly, I think the hang-up is that injunction. How do you get past that injunction?”
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This injunction limits Ripple’s ability to distribute XRP to US financial institutions, potentially affecting the XRP market rally among institutional investors.
Price Response to Legal Developments
XRP climbed about 7.85% to a value of around $2.41 on March 21 after the SEC dropped its dreaded appeal. This, once again, shows how regulatory news impacts cryptocurrency market volatility.
While some technical indicators suggest a rally toward a value of $4.35, a drop below the triangle’s lower trendline could invalidate the latest and greatest bullish setup, also possibly sending XRP toward the $1.28 support.
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The XRP price surge will likely depend on both technical factors and ongoing legal developments. While the SEC’s decision represents a significant victory for Ripple, the remaining injunction presents, in many ways, a serious hurdle for institutional adoption in the US market at this point in time.