• A US federal judge ruled last week that Ripple is a security when sold to institutional investors, causing the price of Ripple to jump by more than 30%.
• For technical traders, the question is whether the higher spike is enough to break the bearish trend. Bulls will have to push some more for Ripple’s bearish trend to end.
• The market needs to climb above parity with the US dollar for the bearish bias to end and remain sensitive to US dollar news in the meantime.

Ripple Technical Analysis Update

A US federal judge ruled last week that Ripple is a security when sold to institutional investors, causing its price to jump by more than 30%. For technical traders, this raises the question of whether or not this higher spike is enough for Ripple’s bearish trend to end.

Breaking Past Parity

The market needs to break past parity with the US Dollar for the bearish bias on Ripple’s price action to end. This area has provided resistance since early 2022 and still does – containing all of last week’s post-ruling volatility.

Bullish Triangle Reversal Pattern

The good news for bulls is that this breakout occurred at the end of a bullish triangle reversal pattern. These types of patterns usually appear at the end of bearish trends and provide support for an eventual uptrend.

Sensitivity To USD News

Until Ripple manages to trade above parity with USD, it remains sensitive even minor changes in USD news. Any dollar strength should result in further losses from its current levels.

Conclusion

< p > All in all, until markets manage break past parity with USD, traders should watch out for any changes in USD news as it may impact further on Ripple’s price action .

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