XRP is poised for a significant surge of 30% in the month of April, as indicated by its bullish patterns on the price chart. Brad Garlinghouse, the CEO of Ripple, has strongly criticized the US Securities and Exchange Commission (SEC) for its recent request for a $2 billion fine and penalties, accusing the agency of abusing its power and operating outside the boundaries of the law.
Investors have been patiently awaiting a bullish breakout for XRP, and in the past 24 hours, the broader market has shown signs of recovery, with XRP following suit and experiencing a 2.4% growth, trading at $0.64. Notably, the trading volume for XRP has also seen a significant increase of 65%.
Analysts predict that XRP could see its first major surge of the year in April, with an expected increase of 30%. This prediction is supported by historical data, with CryptoRank data suggesting an average monthly return of 31%. In previous years, XRP has performed exceptionally well in April, particularly in 2019, 2020, and 2021, where it recorded a remarkable jump of 174.1% in 2021 alone. However, April 2022 and April 2023 saw a decline as expected.
Some analysts argue that XRP’s return to $1 is long overdue. EGRAG Crypto, a well-known trader, agrees with this sentiment and highlights the formation of a “W” pattern on XRP’s price chart. Based on his observation, he believes that XRP could experience a surge of over 50% and reach $1.2 in the coming weeks.
Another analyst has identified a rare bullish cross that surpasses the golden cross of the 200 and 50 EMA. By focusing on the current price, the analyst suggests that the crossing of the 100 EMA over the 50 EMA indicates a strong bullish momentum for XRP, setting it up for steady growth. Interestingly, the crucial resistance level for XRP is fixed at $0.64, implying that its ability to sustain above this level will determine its potential to reach new heights. The next target price is set at $0.7.
Amidst all this positive momentum, Ripple continues to fight back in its legal battle against the SEC. Ripple’s Chief Legal Officer, Stuart Alderoty, has revealed that the SEC has requested a $2 billion fine and penalties, which he views as an act of intimidation and a violation of the law. Alderoty states that Ripple will not back down and is preparing a response for next month. Ripple CEO Brad Garlinghouse has also criticized SEC Chair Gary Gensler for consistently abusing the agency’s power and disregarding the law.
The actions of Gensler’s SEC have not gone unnoticed, with judges admonishing the agency for its “gross abuse of power” and lack of “faithful allegiance to the law” in previous cases. Garlinghouse also highlights Gensler’s failure to address SBFraud.
In conclusion, XRP is expected to experience a significant surge in April, supported by its bullish patterns on the price chart. Ripple continues to battle the SEC in court, accusing the agency of abusing its power and operating outside the boundaries of the law.