There is not the slightest doubt that the ongoing XRP rally is fueled by the prediction of an imminent conclusion to the SEC vs. Ripple court case. Predictions about the timing of the decision, as well as its outcome, look promising. Let’s check out what the experts are saying, as well as the coin’s price action.
The decision on Ripple may come soon
The most awaited court verdict may soon be made public. Market observers and investors are well aware that it will affect not only Ripple’s business and the future of the company’s related XRP coin. This verdict, is the potential to be or not to be of many cryptocurrency projects. So when will it be decided?
Attorney John Deaton, who is acting in the court proceedings as a representative of tens of thousands of XRP coin holders, hastens to answer. On Monday, March 27, he took to Twitter and reported:
“XRP has the most attractive risk/reward ratio IMO. The judge’s ruling will come in the next few weeks (maybe this week). If the SEC wins, what is the extent of the drop from 0.45? Ripple appeals and we have the status quo. Ripple wins and it is clear that XRP is not a security? Up?”
The next few days, or weeks at farthest, may therefore prove crucial. A similar observation was shared by another well-known lawyer, Jeremy Hogan, who was a guest on a program hosted by Deaton the following day, entitled CryptoLaw. He indicated that he believes a verdict could come in April.
XRP reacts with a shot
63% increase in just two weeks. When talking about such results one often thinks of altcoins, with low capitalization. Meanwhile, this is the result achieved by XRP. For a long period of time we have seen the coin’s price action located under the resistance zone, set in the $0.40-0.45 range. This one was easily broken through in recent days and confirmed as support. The continuation of the movement resulted in a breakout to levels last seen in May 2022.
In the meantime, we do not detect any significant divergence. Instead, we observe moving averages moving toward each other. The red line indicates the 50-day SMA, which may soon cross the 200-day SMA. This golden cross has the power to give even more momentum to the breakout. What’s more, the ADX indicator (blue line at the bottom) has reacted to the ongoing rise and classified it as strong.
XRP versus BTC
The chart of XRP against Bitcoin is also fantastic. Here the relapse was expected for a long time. We can see this, for example, through the TD Sequential indicator. The signal it sent, at the moment when XRP bottomed out of more than two years of consolidation in a symmetrical triangle, indicated that this was a false breakout. Obtaining this liquidity became a real catalyst for growth. The price immediately returned to the formation and now measures the 200-day moving average. Its breakthrough gives a chance to leave the triangle at the top.