- XRP prints a bullish engulfing candle, signaling a shift in market sentiment.
- Ripple officially ended the legal fight with the SEC after five years.
- XRP holds $3.34 support while approaching key resistance at $3.55.
XRP is showing signs of bullish momentum following a newly formed technical pattern. Technical analyst EGRAG CRYPTO has identified a bullish engulfing candle on XRP’s chart. This pattern often indicates a reversal of bearish sentiment and could mark the beginning of a stronger uptrend.
EGRAG stated that the candle close may act as a “make-or-break” signal for the current bull run. The analysis notes that XRP is aligning with rising trendlines, positioning itself for a breakout if momentum sustains.
He added that a successful close above nearby resistance levels could open the path toward testing previous all-time highs.
According to the analyst, market conditions are now shifting in favor of buyers. The latest candle may reflect growing confidence in XRP’s price structure as it continues to rebound from lower trendline support.
Ripple vs. SEC Case Officially Concludes
On August 7, Ripple and the U.S. Securities and Exchange Commission filed a joint dismissal with the Second Circuit. This action formally ends all appeals and finalizes the 2023 court ruling that XRP sales on public exchanges are not securities.
Ripple’s Chief Legal Officer, Stuart Alderoty, confirmed the move on X, stating, “The end… and now back to business.”
This conclusion marks the end of a nearly five-year legal process. The final ruling removes a major point of regulatory uncertainty that has loomed over XRP since 2020.
The withdrawal of appeals reinforces the earlier legal finding, paving the way for XRP to operate without restrictions tied to its security classification in the United States.
XRP Holds Bullish Structure Within Ascending Channel
XRP is currently trading at $3.34 after rebounding from the lower boundary of its ascending channel. The price is approaching resistance near $3.55, with Bollinger Bands showing expansion.
This suggests increasing volatility, possibly supporting further upside. The Relative Strength Index stands at 62.40, still within bullish territory.
The MACD indicator shows signs of a possible bullish crossover as lines converge. Additional indicators, including the Balance of Power and Chaikin Money Flow, are both positive, suggesting strong buying pressure.
Support remains at $3.15, and maintaining levels above this zone keeps the bullish pattern intact. If momentum holds, the current trend points toward another retest of the upper channel.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
