Ripple Price Soars 30% After Landmark Federal Ruling

17. Juli 2023 Aus Von admin

• A US federal judge ruled last week that Ripple is a security when sold to institutional investors, causing the price of Ripple to jump by more than 30%.
• Bulls must break the bearish trend and push above parity with the US dollar for the bearish bias to end.
• The breakout came at the end of a bullish triangle, which usually appears at the end of bearish trends.

Ripple Technical Analysis Update

Landmark Federal Ruling

Last week, a US federal judge ruled that when Ripple is sold to institutional investors, it can be considered a security. This landmark decision has had an immediate effect on Ripple’s price, which jumped by more than 30% in one day.

Breaking Bearish Trend

For technical traders, the question now is whether this higher spike will be enough to break the bearish trend and push Ripple’s price above parity with the US dollar. If so, this would invalidate any existing bearish bias in its current trading pattern.

Bullish Triangle Formation

The good news for bulls is that the breakout from last week’s news came at the end of a bullish triangle formation – a type of reversal pattern typically seen at the end of bearish trends. Therefore, there is potential for further upside momentum if bulls manage to break through parity with USD.

Sensitivity To Dollar News

Until then however, Ripple remains sensitive to U.S Dollar news and any strength in USD could cause further downside pressure on its price action. Therefore traders should keep an eye out for any relevant news regarding USD as it may affect their positions in XRP significantly.

In conclusion, while last week’s ruling was certainly positive news for Ripple holders, they will need to push past parity with USD before any sustained bullish trend can emerge from their current trading pattern. Until then they should remain vigilant and watchful of any movements in USD as this may have an impact on their trades