XRP still carries a massive bullish outlook even with the extensive FTX / SBF fallout. Amongst its holders, analysts, and critics throughout the crypto space, I see a strong bullish reversal forming from its up-trending support line.
XRP may sit inside a consolidation zone for the next few days. Toward the end of business week, it should move past its weekly resistance levels of $0.40. We are anticipating that this “ascending triangle” pattern will bring a much-needed recovery rally and stronger bullish sentiment to the XRP community.
This movement may slow a bit due to Thursdays upcoming American holiday, Thanksgiving. I do however, see this quickly picking back up based off the historical increase in trading volume during the “Black Friday” and “Cyber Monday” events.
Please be sure to let us know below your thoughts on this upcoming week and our possible movement to the upside once again with XRP.
As all who follow crypto know, the SEC v. Ripple standoff has continued to be a main contributor to the price decrease as well as the recent influxes of trading volume. We continue to wait for further updates from the courts. We have high hopes of a settlement in the very near future, bringing us closer to putting this case behind the Ripple and XRP family.
The most recent update we have received from the courts came when Judge Analisa Torres extended the deadline for filing the reply paperwork in favor of the SEC. The amount for reply briefs has now increased from 45 to 55 pages. This deadline was moved from the 15th of November to the 30th and we could see this deadline spur another rally of the XRP price, once again into the mid $.040 range.
We anticipate this continuous increase of bullish sentiment among the community to lead a healthy and prolonged rally, showing the strength of the Ripple team, as well as the XRP Army.
Will never waiver!