The XRP vs. SEC fiasco has been going on for a while. Just when things started looking a bit better for XRP and the SEC lawsuit, things derailed all over again. While the initial jolt made things a bit slow for the token, the subsequent period was riddled with significant price explosions.
At press time, the token is trading near the $5.9 mark. While some investors are iffy about the sudden price rise, others believe this is not a sign of instability or weakness. Rather, it is a period of ‘strategic consolidation’ that can give traction to the token’s price action.
Trading View analysts noticed that XRP price action repeated a historic price action. This movement was also apparent last year, where the token showed long green candles, suggesting price movement.
Later, that stage was replaced by a consolidation stage. In this stage, XRP entered a consolidation phase, during which the price action formed a pattern resembling a wedge. The wedge formed when the market reached an inflection point.
XRP has entered a decisive phase, and the token is likely to reach newer heights, at least for a while. Then again, the market has its mind and can flip at any moment. Hence, it is quite important to understand the situation and then proceed.
