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An Interesting Chart Pattern Is Forming In XRP

After its sharp surge in early-April, the cryptocurrency XRP gave back much of its gains and has been bouncing around in a narrowing trading range. While Bitcoin and Ethereum have rebounded back to their prior highs, XRP continues to struggle as it fights a U.S. Securities and Exchange Commission (SEC) lawsuit charging that the cryptocurrency is an unregulated security. From a technical analysis perspective, it appears that a triangle pattern is forming in XRP, which may indicate that a sharp move is ahead once the cryptocurrency breaks out in one direction or another.
If XRP can stage a convincing breakout to the upside, that may be a sign that even more gains are ahead. A positive resolution of XRP’s legal battle with the SEC is a potential bullish catalyst that may propel the cryptocurrency higher. A technical breakdown, on the other hand, may indicate more pain ahead. A negative outcome for XRP’s legal battle would likely be a reason why the crypto would experience a technical breakdown. For now, I am waiting to see which direction XRP breaks out.

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Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin24,547 0.05 % 0.13 % 6.80 %
Ethereum1,979.8 0.32 % 0.57 % 16.92 %
Tether1.002 0.14 % 0.24 % 0.14 %
USD Coin1.003 0.08 % 0.26 % 0.19 %
BNB322.30 0.17 % 1.69 % 2.15 %
Cardano0.5795 0.09 % 3.75 % 12.99 %
XRP0.3840 0.09 % 0.59 % 3.12 %
Binance USD1.001 0.00 % 0.11 % 0.08 %
Solana45.62 0.84 % 1.56 % 13.56 %
Dogecoin0.08395 4.33 % 13.03 % 21.98 %