Ripple price surges this Monday after Ripple CEO Brad Garlinghouse revealed that the project could go public once its case with the SEC was over. Garlinghouse made these comments at Consensus 2021, where he also said that the company first discussed plans for the public listing in early 2020, but the SEC’s case had caused delays.
Also boosting Ripple price on the day was the denial of the request of the SEC to access the internal sales documents for Ripple. Judge Sarah Netburn denied the motion by the SEC asking Ripple to submit all relevant internal and legal communication regarding sales of the XRP token, citing the need to respect the attorney-client privilege that provides “full and frank communication” between lawyers and their clients. She said the court could not waive this privilege in this case.
This Monday, ripple price surged by double-digit figures, taking the XRP/USD to a 2-day winning streak.
Technical Levels to Watch
The surge in Ripple price from the trough at 0.8000 has set up a potential double bottom. A price break of the neckline confirms the pattern and sets up a likely measured move towards 1.2000. Above this level, 1.3228 and 1.4000 (psychological resistance) are additional targets to the upside.
On the other hand, a rejection at the neckline temporarily negates the pattern and opens the door towards the price wall found at 0.8644/0.7900. Below this support wall, the 0.7202 and 0.6461 price levels form additional targets to the south before the 22 February and 3 April lows) at 0.6000 come into the picture. However, a bounce at the price floor of 0.8000 forms a potential triple bottom, bringing the neckline into view for a possible challenge.