{"id":11576,"date":"2024-10-04T18:30:28","date_gmt":"2024-10-04T18:30:28","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=11576"},"modified":"2024-10-04T18:30:28","modified_gmt":"2024-10-04T18:30:28","slug":"xrp-macro-charts-signal-explosive-bullish-move-despite-sec-appeal-analyst","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=11576","title":{"rendered":"XRP Macro Charts Signal Explosive Bullish Move Despite SEC Appeal: Analyst"},"content":{"rendered":"

In a technical analysis<\/a> shared with his followers on X, crypto analyst Bobby A (@Bobby_1111888) provides a bullish prediction for XRP despite the US Securities and Exchange Commission\u2019s decision to appeal the ruling in its case against Ripple Labs. Amid the regulatory turmoil, Bobby\u2019s interpretation of the macro charts suggests a bullish outlook for XRP, contradicting the potential bearish sentiment stirred by the SEC\u2019s latest legal maneuver.<\/p>\n

Bobby contrasts the immediate market reactions typically triggered by high-profile legal news with the actual long-term trends observed in asset prices. \u201cMany forget that, even amid news of the SEC lawsuit in 2020, the asset appreciated from $0.11 to $1.95,\u201d he points out.<\/p>\n

XRP Monthly Charts Still Look Bullish<\/h2>\n

The analyst highlights that XRP has been trading for the past nearly seven years in a consistent sideways consolidation which he describes as a \u201cmacro base.\u201d According to Bobby, this extended period of consolidation is crucial for understanding the potential for upward movement.<\/p>\n

\u201cThe monthly timeframe shows that post the Bitcoin Halving, during every cyclical rotation of the momentum oscillators, the asset [XRP] experiences rapid price appreciation, which could initiate at any moment. This happened in 2017 and 2020,\u201d Bobby further explains.<\/p>\n

An argument of Bobby\u2019s analysis focuses on the monthly Bollinger Bands of the XRP\/USD chart, an indicator used to measure market volatility and identify potential price targets based on previous market behavior. \u201cMuch like during 2016, the price is tightly wound around all essential higher timeframe moving averages, including the median line of the monthly Bollinger Bands,\u201d the analyst writes.<\/p>\n

He adds, \u201cWhile we are on the topic of the Bollinger Bands, they are the tightest they have ever been<\/a> in the coin\u2019s history,\u201d he notes. This tightness suggests that XRP is at a pivotal point where any increase in volatility could lead to a substantial price movement.<\/p>\n

Notably, Bobby\u2019s take profit zone lies between the 1.618 Fibonacci extension level at $5.31 and 4.236 Fibonacci extension level at $13.72. Thus, Bobby\u2019s expected return for this bull run is between a whopping 950% to 2,600%.<\/p>\n

Bobby theorizes that the initial movements when volatility returns might be deceptive, potentially designed to mislead market participants about the true direction of the price. He draws parallels to Bitcoin\u2019s unexpected rally in March 2020, suggesting that XRP could experience a similar deceptive yet ultimately bullish breakout<\/a>.<\/p>\n

\u201cThe XRPETH and XRPBTC charts do not look like this is the start of a long, drawn-out bear market but, instead, possible capitulation at deep value areas. Remember that the worst news comes at the bottom and the best news at the top,\u201d Bobby added.<\/p>\n

The upcoming US presidential election could also play a critical role in shaping the regulatory landscape affecting cryptocurrencies like XRP. Bobby speculates about the possible outcomes: \u201cShould Donald Trump be re-elected as president<\/a>, I cannot see any situation where Gary Gensler remains chair of the SEC.\u201d He argues that a change in the SEC\u2019s leadership could relax the regulatory scrutiny over Ripple and, by extension, XRP, fostering a more favorable market environment.<\/p>\n

In his closing remarks, Bobby reiterates his strong conviction in the bullish thesis for XRP. \u201cNo one ever said this would be easy, and investing never is,\u201d he reflects, encouraging his audience to adopt a strategic, long-term view of their investment in XRP.<\/p>\n

At press time, XRP price stood at $0.52.<\/p>","protected":false},"excerpt":{"rendered":"

In a technical analysis shared with his followers on X, crypto analyst Bobby A (@Bobby_1111888) provides a bullish prediction for XRP despite the US Securities and Exchange Commission\u2019s decision to appeal the ruling in its case against Ripple Labs. Amid the regulatory turmoil, Bobby\u2019s interpretation of the macro charts suggests a bullish outlook for XRP, […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11576","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11576"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11576"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11576\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}