The post XRP Price Rally Mirrors 2016-17, Analyst Sees Opportunity Amid SEC Appeal appeared first on Coinpedia Fintech News
An experienced market analyst, Bobby A has taken to X to share his take regarding the SEC’s decision to appeal. While the entire community is worried that the SEC’s appeal notice might affect XRP negatively, this market expert has shared another perspective in the X post.
Analyst Cites Historic Instances Where XRP Appreciated Despite Lawsuit
The analyst asserts that the SEC’s appeal notice does not signal the start of a prolonged bear market as the macro charts are bullish. In fact, he states that they show quite the opposite. He emphasized that news events like yesterday’s, are precisely why the uninformed, impatient, and easily swayed or manipulated investor almost always misses opportunities when the market presents them.
He shared that many forget about how the asset appreciated from .11 cents to $1.95, even amidst the news of the SEC lawsuit in 2020. The market expert shared that, from a technical standpoint, XRP has been consolidating sideways and building a macro base for six years and ten months.
Cycle Closely Reflecting 2016-17 Bull Cycle
The monthly timeframe shows that post the Bitcoin Halving, during every cyclical rotation of the momentum oscillators, the asset experiences rapid price appreciation, which could initiate at any moment.
Bobby A argued that this cycle closely mirrors the 2016-2017 bull cycle and stressed that
“much like during 2016, the price is tightly wound around all essential higher timeframe moving averages, including the median line of the monthly Bollinger Bands.”
While we are on the topic of the Bollinger Bands, they are the tightest they have ever been in the coin’s history. He underscored that, “It is imperative to remember that this is a macro move we are after.
He shared that often, the initial move once volatility arrives is usually misleading by design in an attempt to catch as many market participants offside as possible, much like what Bitcoin did in March of 2020. From the expert’s perspective, the price, moving averages, and Bollinger Bands will act as a springboard, pushing the asset’s price much higher in the same manner it has throughout every previous market cycle.
“As mentioned above, the XRPETH and XRPBTC charts do not look like this is the start of a long, drawn-out bear market but, instead, possible capitulation at deep value areas,” he stated.
“Remember that the worst news comes at the bottom and the best news at the top.” he implied that XRP’s fundamental analysis looks bullish as XRP is an asset with legal clarity, a real-world use case, a stablecoin, an incoming ETF, and with mass adoption on the horizon.
New Leadership At SEC Imminent?
He also shared that if Trump gets re-elected as president, he does not see any situation where Gensler remains chair of the SEC. He would likely resign within months of the Trump Presidency, steering in new leadership at the SEC, which, the market as a whole, especially XRP, would interpret as highly bullish.
He finally concluded by stating that his conviction regarding the XRP thesis remains stronger than ever and that he will continue to strategize, accumulate, and exercise patience.