XRP’s 30% Upswing, Bear Trap Or To The Moon?

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Last Updated on 25 September 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Pretty much every business newspaper and media outlet this weekend that is looking at stock markets noticed that the Dow is at an all year low right now (and that the British pound has fallen off a cliff). Bitcoin and Ethereum have both traded lower this year than where they are now so perhaps that is a good sign.

Only positive trend this week was the major upswing for XRP, up about 30% in a week now, based on a market rumor that the SEC lawsuit was coming to a close.

Advertentie.

Write a cheque

Ben Armstrong, who tweets under the moniker Bitboy Crypto and has some 800,000 followers, stated this weekend:

XRP is pumping for multiple reasons. But if I were to pinpoint one… the SEC basically gave up this week trying to prove XRP is a security. People in the ripple community can be pretty confident now the worst case scenario is a fine.

If a fine is the worst that could happened, than you can indeed expect Brad Garlinghouse to gladly write a check and get on with it, if that is all that takes to close this SEC lawsuit. For two years now Ripple labs has been missing out on the crypto hype and subsequent upswing of most major crypto coins. Some analysts claim that XRP could have easily been trading at $2 or $3 without the SEC case by now.

Be that as it may, it is clear that all depends on the SEC outcome at this point. Technical analysts following XRP claim that they expect a minor correction or consolidation over the next few days after which we’ll see whether this was all a bear trap or we can ‘moon’ further. Normally a daily break above $0.56 could lead to $0.66 quite quickly. If the SEC rumor proves untrue, then any retracement below $0.41 could be interpreted as a bear trap indeed.

Happy and safe trading out there.