2024-10-03 20:00:14 by NewsBTC

Yesterday, Wednesday, the United States Securities and Exchange Commission (SEC) formally extended the XRP lawsuit against Ripple by filing a Notice of Appeal regarding Judge Torres’s ruling. Following this news, the price of XRP plunged by more than 10%. However, crypto analyst Egrag Crypto (@egragcrypto) maintains that the bullish setup remains unchanged, with a target of $7.50 still in place for this bull run. Why $7.5 Is Still Possible For XRP Price Egrag’s analysis, shared via X, emphasizes resilience in the XRP pricing structure despite the external pressures. He noted, “I get it, the SEC appeal might feel like the end of the world, but guess what? The chart has been signaling a retest was coming! My post from yesterday nailed it. I literally said: ‘I know you’re tired of hearing ‘retest, retest,’ but LISTEN UP: the range of $0.5428 – $0.5375 is STILL in play!'” With his chart analysis, Egrag reassures holders that the foundational trading strategies should not be swayed by the legal noise. The analyst outlines two crucial trend lines which he terms the “Atlas Line” and the “Genuine Wake-Up Line.” XRP price analysis, 1-day chart | Source: X @egragcryptoBoth trend lines have dominated the XRP price for more than four years. The “Atlas Line” serves as a baseline for the bull run’s support level, suggesting that as long as the price does not drop below this marker, the bullish outlook is still valid. The “Genuine Wake-Up Line” needs to be broken to enter bullish territory. However, Egrag also acknowledges that the price can deviate below or above the trend lines. “From a TA perspective, the game plan is STILL rock solid. On a MACRO LEVEL, as long as XRP doesn’t lose $0.28, we’ve got nothing to worry about. And until XRP closes above $0.75, don’t expect a full-on BULLRUN. We can still move downward to $0.43 but nothing is changed on MACRO LEVEL,” Egrag writes. XRP price analysis (zoomed in), 1-day chart | Source: X @egragcryptoThe analyst remains steadfast even in volatile times, stating, “So, what’s next? NOTHING has changed: XRP IS STILL NOT A SECURITY.” He continues to challenge the prevailing market reactions and encourages looking beyond immediate fluctuations, emphasizing the importance of technical indicators over market sentiments fueled by regulatory actions. His projected “Critical Target Level” at $7.50 signifies a strong conviction in the potential upward trajectory for the crypto asset, despite the current market setbacks. This target is audaciously higher than the current price levels. The price would have to rally more than 1,300%. Addressing the community and doubters, Egrag writes, “Everything in between? Just noise. And yeah, this noise may feel nasty to the newbies, but OGs know it’s just more time to stack up. Honestly, I’m HAPPY about this appeal: Why? Because it gives my other coins a chance to pump, and when they do, I’m putting 100% of those profits into XRP.” At press time, XRP traded at $0.5238. XRP price retests the trend line breakout, 1-week chart | Source: XRPUSDT on TradingView.comFeatured image created with DALL.E, chart from TradingView.com Jake Simmons Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. 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His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons. Disclaimer: The information found on NewsBTC is for educational purposes only. 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