With the Securities and Exchange Commission (SEC) renouncing its appeal against Ripple, the San Francisco-based blockchain start-up has won handily. After making the announcement, XRP quickly surged and overcame significant resistance levels.
A noteworthy bullish breakout is depicted on the chart as the asset advances toward the upper trendline of a descending channel. This movement points to a continuation of upward movement, especially when combined with rising momentum indicators. A run toward $3 becomes more likely if XRP is able to break through the $2.50 mark, as market sentiment clearly shifts in favor of bulls. In recent weeks, a crucial price structure has been forming, and this breakout fits that structure.
XRP is currently showing significant buying pressure as it is trading well above the 50-day and…
