XRP's Price Structure Mimics Pre-2014 and 2017 Breakouts
Crypto analyst Dark Defender believes that XRP is setting up for its next major move, regardless of the outcome of the CLARITY Act vote. According to a Sept. 7 post by the analyst, XRP is mimicking the exponential moving-average structures seen in 2014 and 2017, periods that preceded significant price expansions.
The setup is described as an EMA 'jumping pattern,' which indicates that XRP's price structure may not need Congress to provide the initial breakout catalyst. The analyst notes that XRP has held its 100-month EMA, also known as a Parabolic Surge Line, while the August candle closed above the 50-month EMA.
The CLARITY Act vote is still one of the biggest near-term regulatory events for the crypto market, with the Senate set to reconvene on Sept. 15. A successful vote would keep the legislation moving through the Senate, while a failure would create another delay.