XRPUSD Has it lost all of the SEC steam?

Last time we looked at XRPUSD (Ripple) was 3 months ago, giving the most accurate pull-back buy entry we could get (see chart below):

Following the SEC news on July 13, the price broke above $90 for the first time since April 2022 but since then started a decline which in two aggressive parts eventually broke below the 1D MA50 (blue trend-line) and hit both the 1D MA200 (orange trend-line) and 1W MA50 (red trend-line), whose range form the current Support Zone.

The 1D RSI Higher Lows potentially indicate that we are forming a bottom sequence similar to January 02 2023 and June 13 2022. In fact as you can see on the chart, the pattern of June - December 2022 is quite similar to that of April - September 2023.

As a result we are bullish and have a medium-term target at 0.56750 for October and long-term target at 0.9300 for January 2024.


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