Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The XRP price has been on an extremely strong rally over the past 11 days, rising more than 56%. The sudden awakening of the price from a months-long consolidation phase comes in light of rumors that a decision in the legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) could be imminent. Even renowned trader Peter Brandt has published an analysis on the XRP price recently, although he doesn’t actually like the cryptocurrency, to put it nicely. However, Brandt has spotted an extremely rare chart pattern that could propel the price to $3, as NewsBTC reported. Recent data from Kaiko, a leading source of cryptocurrency market intelligence, shows that futures traders are also getting bullish on the XRP price. Kaiko shared the chart below today and stated: XRP perpetual futures open interest more than doubled this week on bets that a possible victory in Ripple’s lawsuit against the US SEC will trigger an alt season. Crypto analyst Tara stated in her latest XRP tweet that she initially expects some consolidation following the strong rally. Using the ABC wave theory and Fibonacci retracement levels, she predicts that XRP will first fall towards $0.49 before new highs are possible. XRP bounced off of our first buy target at $.529! I have the full ABC as shown below. We’re currently at Wave B ($.557). Wave C is now landing perfectly on the 382 fib which is our second buy target at $.494! A Damper For The XRP Price? Whether a ruling will be made soon in the court case between Ripple and the SEC is pure speculation. XRP Community attorney John E. Deaton had expressed several times in recent weeks that he expects a ruling by the end of April. The basis for his assumption are the previous rulings of judge Analisa Torres. Related Reading: XRP Breaks Major Trendline, Rises 49% Amid Regulatory Uncertainty However, a settlement between Ripple and the SEC seems far from reality at the moment, as Bill Morgan, another lawyer from the community noted today. Morgan is referring to a tweet from Ripple CEO Brad Garlinghouse, in which he again attacks the SEC harshly. Garlinghouse writes: For the Chair of the SEC to assert that he dictates what is a security – and not the legislation from which his agency derives its power – is beyond comprehension. It’s time for elected officials in the US to take notice. When you behave like an autocrat running a $2.2B bloated agency, why would you ever want to provide clarity about what’s “in or out”? Without clear jurisdiction, ambiguity masquerades as power. Read that again. According to Morgan, the never-ending criticism of the SEC by various Ripple executives suggests that the company does not plan to settle with the regulator. Related Reading: XRP Price To $3? Peter Brandt Spots Extremely Rare Pattern “I guess [Garlinghouse] and Stuart Alderoty hammering the SEC and Gensler in recent tweets means you are not about to sign a settlement agreement, in which case hammer away,” Morgan asserted. Meanwhile, the XRP price was trading at $0.5316 at press time, trying to hold the first support around $0.53. If this breaks, the most crucial support will be at $0.49. In the short term, today’s release of the PCE in the US (8:30 am EST) could decide the direction of the next movement of the price. However, in the medium term, the outcome of the litigation and expectations about it are likely to be the main price drivers in April. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":525121,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16894],"tags":[3680,4531],"class_list":["post-525113","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripple","tag-ripple","tag-xrp"],"acf":[],"yoast_head":"\n
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Through his extensive work with wncen.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\u2019s 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. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. 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\u2019s 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\u2019s 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.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Where Is The XRP Price Heading As Perp Open Interest Doubles?","url":"http:\/\/wncen.com\/news\/ripple\/where-is-xrp-price-heading-perp-open-interest-doubles\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ripple\/where-is-xrp-price-heading-perp-open-interest-doubles\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/iStock-1135927483.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/iStock-1135927483.jpg?fit=1254%2C836"},"articleSection":"Ripple","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ripple","xrp"],"dateCreated":"2023-03-31T11:15:27Z","datePublished":"2023-03-31T11:15:27Z","dateModified":"2024-06-11T07:58:50Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Where Is The XRP Price Heading As Perp Open Interest Doubles?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ripple\\\/where-is-xrp-price-heading-perp-open-interest-doubles\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ripple\\\/where-is-xrp-price-heading-perp-open-interest-doubles\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/iStock-1135927483.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/iStock-1135927483.jpg?fit=1254%2C836\"},\"articleSection\":\"Ripple\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ripple\",\"xrp\"],\"dateCreated\":\"2023-03-31T11:15:27Z\",\"datePublished\":\"2023-03-31T11:15:27Z\",\"dateModified\":\"2024-06-11T07:58:50Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/iStock-1135927483.jpg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/525113"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=525113"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/525113\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/525121"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=525113"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=525113"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=525113"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"XRP](\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/FsiJuKCWwAEBmZV.jpg?resize=1306%2C704\")
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![\"XRP](\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/XRPUSD_2023-03-31_12-19-17.png?resize=3625%2C1672\")