XRP Hits Strong Bottom, Here are Factor That Could Propel XRP Parabolic Surge Against Bitcoin
thecryptobasic.com 06 August 2024 10:54, UTC Popular wealth advisor Mickle highlights how XRP’s value could surge dramatically against the premier crypto asset, Bitcoin (BTC).
In a recent assessment, Mickle observed that XRP is establishing a bottoming formation against Bitcoin. For context, such a formation indicates that an asset is approaching the end of a drawdown. This pattern essentially presents a support level that could pave the way for a rebound.
The wealth advisor forecasted that if XRP maintains the strong bottoming formation and Judge Analisa Torres issues a favorable verdict favoring Ripple against the SEC, the token could surge tremendously relative to Bitcoin.
“If it [XRP] can maintain this strong bottom, I think it is highly likely that as we get that ruling from Judge Torres, just as we talk about on the other chart, this could be the thing that really makes XRP move parabolically against Bitcoin,” Mickle remarked.
Potential Impact of Judge Torres’ Verdict on XRP Price Action
The potential impact that Judge Torres’ final decision could have on XRP’s price action cannot be overstated. This upcoming ruling is expected to end the multi-year lawsuit between the SEC and Ripple at the district court level.
Notably, many crypto stakeholders, including Ripple CEO Brad Garlinghouse, predict that the judge might issue the decision this year.
The crypto community recently observed how the lawsuit’s conclusion might influence XRP price action, particularly if the final ruling favors Ripple. Last month, XRP’s price spiked above $0.65 amid rumors that the SEC and Ripple could settle soon. However, XRP’s price plunged after it became evident that the settlement would not happen.
XRP Soars Nearly 10% After Devastating Collapse
At the time of writing, XRP has increased 9.78% daily to $0.5104, recovering from the latest collapse. Like other major crypto assets, XRP recorded a swift rebound after plummeting to a 24-hour low of $0.4335.
Meanwhile, Judge Torres’ final verdict could be in Ripple’s favor if the court imposes a lower penalty against the company and denies the SEC’s requests for an injunction on future XRP sales to institutional clients, particularly those related to ODL (now Ripple Payments).
Such a decision could bolster XRP demand among institutional clients in the United States, potentially increasing the asset’s price.
