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XRP Coin has become the most popular altcoin of recent times, and investors are not wrong. The Ripple case has been a battlefield where the securities regulator wanted to send a message to all cryptocurrencies. However, the Judge overturned the SEC‘s plans with the final decision.
XRP Coin Review
If the dates for settlement conferences are not clarified soon, investors will be certain that the parties will not reach an agreement. The news flow is crucial in this regard because, as the Ripple CEO previously stated, the case will come to an end soon. Despite the SEC’s determination to appeal, altcoin investors have a significant assurance until a new court ruling is issued.
So, what does the current price outlook of XRP Coin tell us? Over the past two weeks, the XRP price has been in a corrective phase, trying to regain exhausted upward momentum. For now, XRP Coin, holding the $0.7 threshold, looks promising.
XRP Coin Bull Formation
On the weekly timeframe chart, the XRP price indicates the formation of a cup and handle pattern. In response to this bullish formation, the altcoin entered the market from the low level of $0.298 and went through an accumulation phase for over a year before making a significant jump. The July 10 rally reached the neckline resistance of the formation and immediately retraced to shape its handle structure. Trading around the 0.715 region according to the Fibonacci retracement level, the altcoin price can bounce from $0.685.
If momentum increases again, buyers can challenge the neckline resistance at $0.92. Cup and handle patterns are generally seen at the bottom of the market and provide an early sign to investors that the trend is reversing. If there is a potential reversal from $0.715 and the $0.93 threshold is surpassed, the predetermined target of the formation, $1.5, can be tested.
MACD supports the bullish expectation. Weekly EMAs (20, 50, 100, and 200) also seem to support the sentiment of an upward movement. Of course, technical analysis does not predict the future, but if we see good news from the Ripple side in the scenario where BTC holds above $29,700, the optimistic scenario seems clear.
