XRP price eyes 60% gain ahead of Gary Gensler’s SEC exit

XRP looks poised to rise 60% in the coming days after breaking out of its prevailing symmetrical triangle pattern.

The upside outlook aligns with a series of developments in Ripple’s ongoing legal battle with the US Securities and Exchange Commission (SEC).

XRP price eyes $4 in “next couple of days”

Symmetrical triangles are considered bullish continuation patterns when the price breaks above their upper trendlines with a rise in trading volumes. That appears to be the case with XRP, which on Jan. 11 entered the breakout stage of its triangle pattern.

A symmetrical triangle breakout target is determined by adding the pattern’s maximum height to the breakout point. Applying the same rule on XRP’s chart brings its upside target to around $4.

The cryptocurrency could reach the level in the “next couple of days,” according to independent market analyst World of Charts.

As of Jan. 12, XRP was showing signs of retreating toward the triangle’s lower trendline at around $2.37.

A decline below this wave support risks invalidating the symmetrical triangle breakout scenario, while raising the likelihood of falling toward the pattern’s lower trendline.

This downside target aligns with the 50-12H exponential moving average (50-12H EMA; the red wave) at around $2.30.

However, holding above the upper trendline will likely keep the probability of XRP reaching its $4 symmetrical triangle target high.

Ripple notches another small win against SEC

XRP entered its symmetrical triangle breakout stage just hours after Ripple’s small victory in its ongoing legal battle versus the SEC.

On Jan. 11, a federal judge approved an administrative motion to file certain documents under seal, ensuring the confidentiality of sensitive information in the ongoing legal battle.

Specifically, the judge agreed to seal records containing confidential, sensitive, and personally identifiable information tied to Ripple’s summary judgment motion.