XRP appears positioned for a 60% price increase after breaking out of a symmetrical triangle pattern on its chart. This bullish outlook coincides with positive developments in Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). XRP Eyes $4 in the Short Term Symmetrical triangles often signal bullish continuation when the price breaks above the upper trendline with increased trading volume. On January 11, XRP entered the breakout phase of its triangle pattern. Based on the pattern’s height added to the breakout point, the price target for XRP is estimated at $4. Independent analyst World of Charts predicts XRP could hit this level “in the next couple of days.” However, XRP has shown signs of retreating toward the triangle’s lower trendline around $2.37. Falling below this level would invalidate the bullish breakout, increasing the likelihood of a decline toward the lower trendline near $2.30, which aligns with the 50-12H exponential moving average. Conversely, maintaining support above the upper trendline would sustain the $4 target. Ripple Gains Momentum Against SEC XRP’s breakout comes shortly after Ripple secured a minor win in its legal dispute with the SEC. On January 11, a federal judge granted Ripple’s motion to file certain documents under seal to protect sensitive and personal information. Meanwhile, the SEC faces a January 15 deadline to file its appeal-related opening brief. The appeal challenges Judge Analisa Torres’ ruling that XRP’s regular sales do not meet the Howey Test criteria for securities. The SEC’s appeal has contributed to XRP’s price volatility since mid-2023. With Gary Gensler stepping down as SEC Chair on January 20, some anticipate a shift in the agency’s crypto policy under incoming Chair Paul Atkins, known for favoring free markets and opposing over-regulation. “Paul has also always believed that SEC Enforcement can be too heavy-handed,” said John Reed Stark, former chief of the SEC Office of Internet Enforcement.
