- XRP invalidates death cross, signaling potential rally to $4 and $8 levels.
- Ripple’s legal win boosts investor confidence, easing uncertainty for XRP.
- SEC leadership change could favor XRP, reducing regulatory concerns for crypto.
XRP’s price has made an impressive move recently, defying previous predictions and positioning itself for a significant upward trajectory. Following a brief period of volatility, $XRP has invalidated the dreaded death cross, replaced by a golden cross, and is now showing signs of a powerful breakout.
According to an analyst under the name Titan of Crypto, XRP might be leading the way for Bitcoin. The breakout above the trendline signals building momentum, with a target of $4.32.
Another analyst Cryptowzrd suggested that this could be the beginning of a major rally, with XRP potentially reaching $4.00, and even $8.00 in the higher time frames. With XRP flipping key resistance levels into support, the market sentiment around the token is turning increasingly bullish.
Legal Progress Boosts Investor Confidence
XRP’s recent breakout is coinciding with Ripple’s small win in its ongoing legal battle against the SEC. On January 11, a federal judge ruled to seal certain documents related to Ripple’s summary judgment motion, ensuring confidentiality in the case.
This ruling is seen as a positive development, signaling that the legal landscape may be shifting in favor of Ripple. With the SEC facing a critical deadline on January 15, when it must file its opening brief for an appeal, the outcome of this case could have profound implications for XRP’s future.
However, the SEC’s appeal is still a concern. The agency intends to challenge key rulings made in Ripple’s favor, including the decision that XRP’s regular sales do not meet the criteria of the Howey Test.
This legal uncertainty has contributed to XRP’s price volatility over the past several months. Yet, the recent legal developments are providing investors with a glimmer of hope, as the ongoing case moves closer to resolution.
Changing SEC Leadership Could Favor XRP
The potential change in SEC leadership adds another layer of optimism for XRP holders. With Gary Gensler’s departure scheduled for January 20, many expect former Commissioner Paul Atkins to take over.
Legal experts anticipate that since Atkins is more market-friendly, it could lead to a shift in how the SEC approaches cryptocurrency regulation. Atkins is known for his belief in free markets and his criticism of excessive regulation, which could bode well for XRP’s long-term prospects.
Furthermore, the SEC’s recent moves, including promoting senior crypto-enforcement lawyers, indicate that the agency remains committed to pursuing its appeal. However, under new leadership, the SEC’s stance may become more lenient, reducing legal uncertainties that have plagued XRP. This shift could spark renewed optimism among investors, further fueling the cryptocurrency’s price rally.