XRPUSD at $1.12: Ripple Soars 80%, Poised for Further Gains

Ripple’s 80% Weekly Surge: A Historical Perspective

XRPUSD is trading at $1,12.

Over the past week, Ripple has grown by almost 80%—this is one of the most successful weeks in the coin’s history and, by far, the most successful week for Ripple this year.

Comparable growth was observed only in April 2021, when the coin grew by more than 100%.

The SEC vs. Ripple Labs: Legal Battles Reshaping XRP’s Future

The growth of the coin is primarily associated with aspects of the trial of the US SEC against Ripple Labs in December 2020.

The SEC regarded XRP as a security, and Ripple Labs, accordingly, was accused of conducting an unregistered offering of securities.

Last year, a certain conflict arose when the American court ruled that XRP is not a security, but coin sales to institutional investors should be classified as securities transactions. The SEC, naturally, began an appeal.

Political Shifts and Their Impact on XRP’s Prospects

However, now Ripple Labs has a certain window of opportunity. On Thursday, November 14, a lawsuit was filed against the SEC.

The main claim is that the SEC has no right to control the digital asset industry. In addition, with the arrival of Trump, the fate of the head of the department, Gary Gensler, remains unclear.

With a high degree of probability, he will be dismissed, which may solve the problem of Ripple Labs.

The founders of CoinDesk said that XRP is the main beneficiary of the arrival of a more loyal president.

XRPUSD Technical Analysis: The Pennant Pattern Explained

Technically, on the daily chart, XRPUSD forms a classic trend continuation pattern called a pennant. This means that if the pattern is realized, it is quite possible to reach the resistance cluster of $1,38 – 1,44 - these are the highs of September - November 2021.

Confirmation of the completion of the pattern will be a breakout of XRPUSD of the $1,13 and an update of its annual maximum, i.e. exit above $1,2680.