The XRP price has been trapped in a falling trendline since mid-April 2021. However, it is the descending triangle formed since the beginning of May 2022 that has given most XRP traders sleepless nights. Moreover, downward breakouts are more likely to occur in a descending triangle when the price is in a falling trend line, although an upward surge can occur in the crypto market.
The Ripple-backed crypto asset has gained approximately 12 percent in the past seven days to trade around $0.387976 on Monday. Down 88 percent since hitting its ATH, $3.4, the next major move on XRP price is heavily reliant on Judge Torres’ decision.
If the Judge on SEC vs Ripple case deems XRP security under the Howey test, then a capitulation could quickly follow forth. However, a Ripple win could send the XRP price to new highs and offer anticipated relief to DeFi projects on other chains like Ethereum.
The XRP market with approximately $38,768,969,611 in fully diluted valuation remains under the watchlist of hundreds of thousands of global crypto traders. Moreover, the XRP market reported a 24-hour trading volume of about $1,471,068,787.
The XRP traders will closely monitor how the asset’s price behaves on approaching both trend lines. After rebounding from the falling trend like several times in the past, and also respecting the $0.31 support level, a breakout from these two will be enormous. However, XRP traders should be wary of stop hunts that lead to a price reversal. Furthermore, XRP is well known to lead in crypto liquidation with over $3 million rekt in the past 24 hours according to data provided by Coinglass.
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