XRP bull flag price chart places next bullish target at $ 1.50

The price of XRP edged up on September 2, with traders pricing Ripple Labs gaining an edge over the US Securities and Exchange Commissio...

The price of XRP edged up on September 2, with traders pricing Ripple Labs gaining an edge over the US Securities and Exchange Commission in an ongoing legal battle.

The XRP / USD exchange rate jumped 4.74% to $ 1.296 for the first time since August 23. sessions.

XRP rose this week, reflecting a similar bullish movement in other leading digital assets. CrediBULL Crypto, an independent market analyst, noted that the Ripple blockchain token could reach $ 1.50 to $ 1.60 next, quoting impulse buying sentiment near the bottom of almost all major cryptocurrencies including Bitcoin (BTC).

SEC vs. Ripple

The latest episode of buying in the XRP market also appears to be due to speculation that it will be labeled as a utility token by the end of the ongoing SEC vs Ripple saga in the courtroom. In a lawsuit filed in December 2020, the US regulator accused Ripple Labs and its senior executives of sell $ 1.3 billion worth of XRP as “illegal titles”.

Months later, the case has reached a point where Ripple and the SEC want to examine each other’s internal communications. Ripple pointed out that the SEC labeled the assets of the best blockchains, Bitcoin and Ethereum, utility tokens during their internal meetings, placing XRP in the same category.

Magistrate Judge Sarah Netburn of the United States District Court for the Southern District of New York tenuous an online hearing regarding Ripple’s claim on August 31. She ended up siding with the defendant’s claim for the “fair use” right of access, saying she would conduct a personal review of the documents on camera.

The conference call drew participants from the cryptocurrency community, with many predicting that Ripple will likely win the SEC lawsuit.

CrediBULL Crypto also tweeted:

Additionally, Ripple CEO Brad Garlinghouse – also accused in the case – said:

“The SEC lawsuit isn’t just about Ripple, it’s about what impossible standards of fair notice and due process through app regulation can do to crypto innovation. anyone could be next without warning. “

XRP suffered serious damage to reputation following the SEC filing of complaint in December 2020. As a result, it has faced write-offs from many leading cryptocurrency exchanges, including Coinbase and Bitstamp. FUD – fear, uncertainty and doubt – too lowered XRP / USD prices by over 66% in the same month.

1 Month XRP / USD candle chart showing the December 2020 dump. Source: TradingView

It looks like Ripple’s small wins against the SEC have boosted XRP’s bullish outlook in the near term.

In addition, VORTECS ™ data from Cointelegraph Markets Pro detected a bullish outlook, changing from yellow to green on September 1, ahead of XRP’s breakthrough.

The VORTECS ™ score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points, including market sentiment, trade volume, recent price movements and activity Twitter.

VORTECS ™ score (green) against the XRP price. Source: Cointelegraph Markets Pro

The VORTECS ™ score rose from 59 (orange) to 67 (green) on September 2, alongside a 22.22% increase in Twitter activity, before XRP / USD surpassed $ 1.25.

Technical perspectives

XRP’s latest gains have helped its prices break through a critical downtrend line resistance that is a bullish flag.

4 hour XRP / USD candle chart with a bullish flag. Source: TradingView

Bullish flags represent patterns of consolidation that follow a strong upward price movement (known as a “flag pole”). Investopedia reports that such structures are indicators of a continuation of the trend, which means that the flags end up sending prices in the direction of their previous trend.

Related: Ripple files motion to expose XRP holdings of SEC employees

As a result, XRP / USD has the prospect of experiencing a bull run, especially as it tries to break out of its bullish flag pattern on the upside. If the rally continues, the pair’s next profit target would be as high as mast height (around $ 0.28).

This places the bullish target for XRP / USD at $ 1.51.

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