XRP appears to be forming a bull flag pattern on its daily chart, having started its consolidation since March 29. The token is resting on the 25% Fibonacci retracement level at the time of writing, indicating that it could see a further breakout to the upside. This could be backed by an increase in volume if the breakout occurs. Despite the technical analysis, the filing of the SEC lawsuits against Ripple Labs will remain to be the most important story to look out for when it comes to XRP.

The market activity of XRP on the cryptocurrency market has heated up recently after the experienced a five-day 24% rally in late March. This was followed by the formation of a 'golden cross' on its daily time-frame chart, which is a significant technical indicator that commonly shows the start of a bullish period in the market. The 'golden cross' is used to describe the moment when a short-term moving average crosses above a long-term moving average, indicating potential bullish momentum. To add to that, XRP has also been forming another potential pattern known as a "bull flag". This is a continuation pattern which indicates a potential further breakout to the upside, although a jump in volume is needed for confirmation. These technical developments come amid the ongoing SEC lawsuit against Ripple Labs, which will likely continue to be a key factor in influencing XRP's price movements.



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