- XRP price is trading inside an ascending parallel channel and hints at a massive upcoming move.
- The SEC v. Ripple lawsuit seems to have garnered the remittance token more media time, inadvertently helping its case.
- A breakdown of the $0.65 support level will invalidate the bullish outlook and potentially trigger a massive downswing.
XRP price is traversing a bullish pattern on a higher time frame and is presently bouncing off a stable support level. If this uptrend continues, Ripple will likely more than quadruple its market value in the coming days.
The general cryptocurrency market structure
Bitcoin price has flipped the 200-day Simple Moving Average (SMA), which is a massive bullish development. Therefore, investors can expect this rally to continue to climb with minor retracements or consolidations.
The uptrend from July 20 to August 8 was the initial leg up that reignited the flame in many altcoins, including Ripple, as shown in the chart below.
While Bitcoin price rallied 59% during the said time frame, XRP price climbed 63%, suggesting that altcoins outperformed big crypto. The same trend can be seen with Ethereum and other altcoins, which indicates that altcoins are due for a massive run-up.
Therefore, if Bitcoin price extends its consolidation or uptrend, altcoins will also continue to shoot up.
BTC v. altcoins performance chart
The SEC v. Ripple lawsuit
Despite the bullishness seen in the cryptocurrency markets, Ripple seems to be relatively in the dumps, at least from a non-technical standpoint due to the lawsuit with the Securities & Exchange Commission (SEC).
In the latest development of this case, the commission filed a motion to request relevant communication between Ripple employees.
According to Ripple executives’ attorney James Filan, this appeal has been set in motion with the Southern District of New York, requesting Judge Sarah Netburn, and states,
Plaintiff Securities and Exchange Commission (“SEC”) respectfully requests a pre-motion conference where the SEC will seek an order compelling Defendant Ripple Labs, Inc. (“Ripple”) to search and produce relevant communications between Ripple employees on Slack, a messaging application.
#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: SEC files emergency motion for a discovery conference regarding Slack communications. Seeks order compelling Ripple to search and produce relevant communications between Ripple employees on Slack.https://t.co/AQ8Av1igoV
— James K. Filan (@FilanLaw) August 9, 2021