XRP Poised for Major Breakout Amid SEC Uncertainty

XRPC remains under pressure as the SEC's potential appeal against the Programmatic Sales ruling continues to cloud its near-term prospects.

The SEC’s stance on Judge Torres’ Programmatic Sales ruling in the SEC vs. Ripple case has remained unclear despite eight days passing since the verdict. This uncertainty has kept XRP investors on edge, impacting the token’s price movements.

CoinChapter previously reported on the SEC’s Motion for Interlocutory Appeal, filed in Aug. 2023, following Judge Torres’ July ruling. The SEC maintains that XRP Programmatic Sales should be classified as an investment contract under the Howey Test.

However, the court found that the SEC failed to prove the third prong of the Howey Test, which pertains to the parties’ common enterprise. This decision was welcomed by the crypto community.

As the SEC has yet to clarify its stance on the Programmatic Sales ruling, investors are hesitant to fully commit to the market before the regulatory body makes its decision.

John E. Deaton, an attorney in the SEC vs. Ripple case, criticized Senator Elizabeth Warren’s anti-crypto stance as she sought re-election.

Senator Elizabeth Warren’s anti-crypto stance, particularly her recent targeting of XRP and Ripple, has cast a shadow over the token’s path toward reclaiming the $1.00 mark.

Warren's influence in U.S. politics and her opposition to digital assets have made her a key figure in the ongoing debate over crypto regulation.

As XRP continues to trade within a multi-year price pattern, the upcoming 2024 Presidential election could impact the regulatory environment for the token.

According to Polymarket data, Kamala Harris has a 54% chance of winning the election, while Donald Trump trails behind with a 44% chance of securing the presidency.

Depending on the election outcome, a Trump victory in Nov. 2024 could either reduce regulatory pressure on XRP or increase scrutiny on the token.

XRP is nearing a critical point, with its price action suggesting a potential breakout from a multi-year triangle pattern. On Aug. 14, XRP closed at $0.5690, down 1.51% amid a broader market downturn.

However, the focus remains on whether XRP can break free from its prolonged consolidation.

On the weekly chart, XRP has been oscillating within a descending triangle pattern since 2018. The token has been trading between a descending resistance line and a horizontal support level around $0.30.

As XRP approaches the apex of this pattern, the probability of a breakout increases. Analysts like Dark Defender have pointed out the formation of a bullish hammer candle on the monthly chart, indicating potential upward momentum.

Potential price targets of $1.00, $1.40, and $1.88 have been mentioned, contingent on a successful breakout.

Adding to the anticipation, crypto trader Brett Hill highlighted similarities between XRP’s current setup and its rally between 2013 and 2017.

Hill suggests that if XRP breaks out from the 2018-2024 triangle pattern, it could trigger price movement, potentially pushing XRP toward $600.

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