• XRP price has been showing great strength throughout the year despite market trends. The Ripple v. SEC case is expected to have a positive outcome, which could result in an XRP price breakout.
• Currently, the price is trading in an ascending triangle with rebound points from lower support, leading to extreme compression and likely a major breakout soon.
• The RSI is parallel at the moment, indicating that consolidation may be seen before a potential bullish breakout occurs.
XRP Price Highly Undergoes Extreme Compression
The XRP price has been displaying extreme strength for nearly a year now, with little impact from the market trends. Since the beginning of 2023, prices have remained elevated as the XRP Army became highly bullish on the price.
Ripple v. SEC Case Expected to Have Positive Outcome
The main reason for this optimism is said to be due to the outcome of the Ripple v. SEC case which is expected to be in favor of Ripple.
Price Trading Within Bullish Trend in Ascending Triangle
The XRP price has been witnessing rejections from same resistance multiple times indicating that it could be accumulating strength to undergo a bullish breakout soon. It is currently trading within a bullish trend in an ascending triangle with rebound points from lower support.
RSI Indicating Consolidation Before Potential Breakout
The volume has decreased due to which it is not above descending consolidation but experts believe that extreme compression usually leads to major breakouts. Additionally, according to RSI levels which are parallel at present suggest that consolidation may continue before any potential bullish breakout can occur.
. Given all these factors and indicators, it seems likely that XRP will experience a major bull run in coming days once it breaks out after consolidating further.