Market expert Bobby A argues that the appeal notice from the US Securities and Exchange Commission (SEC) is not a sign of a prolonged XRP price depreciation as macro charts remain bullish.
XRP, the seventh-largest crypto asset by market cap, saw a notable price correction following the SEC’s notice of appeal on the final decision by Judge Analisa Torres. Since the October 2 notice, XRP has capitulated over 10%.
However, experienced market analyst Bobby A has implied that investors’ sell-the-news disposition is why most miss good market opportunities. In a tweet on Thursday, the analyst maintained that the XRP chart has not flipped bearish as indicators still point to an impending market uptrend.
Analyst Says XRP Surged 1,772% Despite SEC Lawsuit.
Bobby A cited historical events to support his assertion that XRP would surge regardless of the SEC appeal. He noted that the XPRL native token appreciated 1,772% in 2020 when the securities watchdog sued Ripple and branded XRP a security.
For context, XRP pulled a 1,772% bullish uptick from $0.11 to the cycle peak of $1.95 despite the regulatory uncertainty surrounding the coin on the back of the SEC’s charges. Notably, Bobby A argued that the XRPETH and XRPBTC charts look decent, and “the worst news comes at the bottom.”
Technical Analysis Signal Impending Price Surge
Meanwhile, Bobby A cited a bullish technical analysis that could propel XRP’s price by 803% to $4.23 per coin. He shared a chart showing that XRP has been consolidating sideways and building a macro base since 2017.
According to the monthly chart, XRP has historically swung upwards during the cyclical rotation of the momentum oscillator post-Bitcoin’s halving. Notably, the analyst implied that the price action would soon kick in.
Bobby A argued that this cycle closely mirrors the 2016-2017 bull cycle as the XRP price is “tightly wound” around all essential indicators in the monthly chart, including the moving average and Bollinger Band.
Bullish Fundamental Analysis
Furthermore, the expert implied that XRP’s fundamental analysis looks bullish. According to Bobby A, XRP has legal clarity, real-world utility, a stablecoin, and an upcoming exchange-traded fund (ETF).
For context, Ripple’s CEO Brad Garlinghouse noted after the SEC filed a notice of appeal on Wednesday that XRP’s status as a non-security was not in contention. Garlinghouse stated that even the Wall Street regulator shares the same opinion.
Furthermore, the XRPL native token has been at the center of transactional settlements carried out by Ripple. Garlinghouse also confirmed that the fintech giant will launch a stablecoin “in weeks” to further bolster the XRP Ledger’s utility.
Also, XRP might be the next crypto asset after Bitcoin and Ethereum to have an exchange-traded fund. On October 2, asset manager Bitwise filed for an XRP ETF with the SEC. Notably, Bobby A stated that these bullish events could propel the XRP price by over 803%.
In tandem with growing bullish sentiments around XRP, Bobby A further noted that Republican candidate Donald Trump’s victory in the November elections could end the four-year legal tussle between Ripple and the SEC.
The analyst stated if Trump wins, the SEC chair, Gary Gensler, will resign. According to him, the resignation will usher in a new wave of regulatory clarity in the US and end the SEC’s suppression of the XRP price.
Meanwhile, XRP traded at $0.5237 at press time, down 1.72% in the past 24 hours.