- The appointment of Rios to Rippel’s Board of Directors is critical amid the battle with the SEC.
- Ripple price brushes shoulders with $1.7 as key technical pattern hints at a breakout to $2.4.
- Short-term technical levels align in support of the potential upswing.
Ripple has added two more members to its Board of Directors; Rosa Rios and Kristina Campbell. The intriguing fact is that Rios was the 43rd United States Treasurer.
Meanwhile, Ripple seems to have built a technical and fundamental foundation for XRP price to rally beyond $2. Data by CoinGecko shows the cross-border value transfer token rising by 18%in 24 hours and 24% in seven days. If the technical picture remains unchanged or improves, the slightest resistance path would be upward.
What do the new appointments mean for Ripple?
Ripple is battling a lawsuit filed by the US Securities and Exchange Commission (SEC). The regulator alleges that the blockchain startup and its top executives, Brad Garlinghouse and Chris Larsen, sold unregistered security tokens to raise funds. So far, Ripple has made incredible milestones in the case, but Garlinghouse believes that:
“Rosie’s experience in the public and private sectors provides an invaluable perspective to Ripple, especially during this time as the industry works to define crypto’s future.”
Ripple also hopes that the new chair of the SEC, Gary Gensler, will turn things around to provide a clear regulatory framework for cryptocurrencies. In April, Garlinghouse lamented that the US is taking a backseat in defining cryptocurrencies compared to other nations like South Korea and Singapore. However, the US is also the only country fighting to categorize XRP as a security.
Ripple at threshold ready for takeoff
Ripple has made significant progress from the weekly low at $1.3. At writing, the token dodders at $1.7 while bulls battle for a breakout from the ascending triangle pattern.
This pattern is highly bullish in technical analysis and forms during an uptrend. The previous trend is anticipated once the price cracks the horizontal line (x-axis) resistance. An increase in trading volume affirms the breakout, which has a precise target measured from the triangle’s highest to lowest points.
Ripple bulls are focused on making a confirmed break above the triangle and settling on the x-axis. Here, they will work out the mission for a 47% upswing to $0.25.
XRP/USD four-hour chart
The Moving Average Convergence Divergence (MACD) has validated the potential uptrend. As this indicator tracks the asset’s trend, it measures the momentum; thus, identifying positions to buy the dip or sell the top. Currently, the MACD line crossing above the signal line implies that XRP is in a buy zone.