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A Inverse H & S Playout Possible
XRP price continued to rally despite many crypto assets experienced a drastic free-fall. Since then, maintained stable volatility with balanced red and green candles. Moreover, the weekly close of the asset was pretty bullish which manifested an upcoming bull run. Nevertheless, the asset is still trying hard to smash the levels above $0.5.
In the coming days, the price needs to move upwards from the support levels around $0.46. Once done, the XRP price rally may smash the levels above $0.5 and also may even go still higher once the price smashes the probable inverse H & S pattern as predicted by an analyst.
XRP Daily Technical Outlook:#XRP’s Weekly candle remained bullish and closed above $0.4600. XRPBTC will spike anytime now. It's ready to move upwards from this support. XRP should move towards $0.5350 and above it we will see the inverse H&S play out and that will push XRP up 🧙♂️ pic.twitter.com/8DsiSLGJha
— CRYPTOWZRD (@cryptoWZRD_) March 8, 2021
However, to create the inverse H & S pattern, the price initially needs to rally to $0.55 levels. Further, a slight pullback may drop the price, yet maintaining above the $0.5 levels. Once the price movement follows the mentioned pathway, attaining the yearly highs close to $0.8 may be imminent.
‘The Only Country Which Looks Out XRP as Security Is the Us’
Ripple, recently filed its initial and official response to SEC and mentioned the damages to the XRP holders due to the lawsuit. In an interview, Ripple’s CEO Brad Gardlinghouse addresses the December SEC lawsuit against his company.
In the interview, the CEO of Ripple stated that XRP is been traded in the crypto space for the past 8 years. And hence, if it would have been a ‘security’, then it would have been known for a long time.
He also said that securities are more or less like shares that provide you with small ownership of the company. And hence, XRP would not have been traded as it trades currently. Moreover, he told that XRP trading and cross-border payments using XRP is supported in many countries and the US is the only country that considers XRP as Securities!
Collectively, the XRP price rally is expected to spike anytime from now. Also, once the Ripple-SEC lawsuit is settled, the XRP price is expected to hit higher levels, maybe above $1.