Ripple (XRP) prints 6 red weekly candles, just like before 39,000% rally in 2017

Rick Steves

Wishful thinking, however, may leave many investors to expect a similar outcome this time, no matter how unlikely at this point.

While the SEC v. Ripple lawsuit lingers, XRP has been under pressure in the secondary markets just like nearly every other cryptocurrency available for trading.

XRP is fast approaching the 50% Fib retracement from the late March 2022 highs around $0.91. The price of the digital asset linked to Ripple’s network is now trading at $0.53.

The weekly candlestick chart shows that XRP has printed six red weekly candles so far. The last time this happened, the instrument found itself in the middle of the strongest bullish run in the crypto market, in late 2017, and reached its all-time-high in January 4, 2018, at $3.84.

This was the time when Bitcoin exploded to nearly $20,000 and finally drew mainstream attention to the emerging asset class.

Image by @tomskiweb

XRP epic rally could happen again, but mind the wishful thinking

Wishful thinking may leave many investors to expect a similar outcome this time, no matter how unlikely at this point. It is true that if such an epic rally has happened once, it could happen again. The timing, however, is a wholly different matter.

The wider digital asset market seems to be following the nearly officially bearish stock markets as the post-pandemic inflation and the Russia-Ukraine war take their toll. There is no sign that there will be any change any time soon.

As to XRP, the markets have been following the SEC v. Ripple lawsuit which outcome could empower XRP like no other crypto but could also trigger a run en masse.

In the meantime, volatility in crypto can be seen as both its strength and weakness. Traders can, no doubt, enjoy such market instability to score gains either by going long or short. US-based investors, however, cannot access their XRP holdings due to its delisting on US exchanges following the SEC complaint against Ripple.

The lawsuit is underway, entering its next chapter – the summary judgment schedule –  while having a major pending issue: the fight over the Hinman documents.

The emails and notes related to the former SEC Director’s 2018 speech could make or break the case and expectations are that if the plaintiff is ultimately ordered to produce the documents, it will rather settle with Ripple and the individual defendants.

Ripple Labs has been showing signs of optimism toward the future, including the lease of an entire building in San Francisco, California. “Seeing as most commercial leases are 5 years, this does not seem the hallmark of a company that is planning to relocate its headquarters”, said attorney Jeremy Hogan, who has been commenting on the SEC v. Ripple lawsuit since the beginning.

Read this next

Metaverse Gaming NFT

DCentral Miami brings together all of Web3, NFT, DeFi, Metaverse

The world’s biggest Web3 meeting entitled DCENTRAL Miami is set to take place November 28-29, featuring a lineup of some of the biggest and most influential names in the blockchain space.

Digital Assets

Crypto ban expands across UK banks as Starling joins ‎crackdown

UK digital bank Starling has banned ‎all customer payments related to cryptocurrencies, another blow for the crypto traders ‎who recently saw a sizable number of banks deciding not to ‎finance the wobbly asset class.‎


Markets Direct at FIA EXPO 2022: Traders know what they want from brokers

The FIA Expo 2022, one of the most prestigious events within the global derivatives trading industry, took place in Chicago on 14 & 15 November.


FIA Expo 2022: TNS addresses public cloud limitations with hybrid infrastructure

November is the month of the FIA Expo, one of the largest futures and options conferences in the world, bringing together regulators, exchanges, software vendors, and brokers in one place: the Sheraton Grand Chicago Riverwalk. 

Retail FX

Italy’s regulator blacks out Finance CapitalFX, MFCapitalFX

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

Suspected leader of Honk Kong ramp-and-dump scam appears in court

A leader of a sophisticated ramp-and-dump scheme made his first court appearance in a Hong Kong court today, charged with market manipulation and various criminal offences. The case stems from an earlier joint operation of Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), and the local police. 

Institutional FX

Cboe’s James Arrante discusses growing demand for fixed income, FX algo

We caught up with James Arrante, senior director of FX & US treasuries product and business management at Cboe Global Markets, to uncover emerging trends in the FX and fixed income markets and learn more about the bourse operator’s recent initiatives.

Retail FX

Eurotrader acquires UK broker Petra Asset Management

Eurotrader Group has formally entered into the UK market with the acquisition of FCA-regulated broker, previously named Petra Asset Management Ltd. The new entity operates under the brand name Eurotrade Capital Ltd.

Inside View, Retail FX

The Game of Chess Continues – OPEC, China and the Oil Market

Over the past decade, the US has been complaining about the amount of power which the BRIC group, and specifically China, has on the global economy. BRIC stands for Brazil, Russia, India and China; these were the world’s fastest growing economies. Only in the past 10 months, the US has turned their attention toward OPEC due to the prices of fuel. Nevertheless, China seems to have a strong influence even over the price of crude oil.