The setup typically reflects market indecision, with buyers and sellers vying for dominance. A breakout above the upper trendline suggests buyers have gained control, often resulting in strong upward momentum, as seen with XRP’s recent price action.

This move has placed XRP on a bullish trajectory. Based on the pattern’s height and breakout point, analysts are eyeing a potential target near $3.73. In other words, XRP could rally by 30% by the end of January.

Ripple vs. SEC Appeal Deadline Update

XRP’s ongoing rally finds additional support in the pivotal developments surrounding the SEC vs. Ripple case, with Jan. 15 marking a critical deadline.

Today, the SEC must file its appeal-related opening brief, potentially challenging the July 2023 ruling by Judge Analisa Torres that programmatic XRP sales do not qualify as securities under the Howey Test. This landmark decision allowed U.S. exchanges to relist XRP and spurred ETF issuers to file for U.S. XRP-spot ETFs, increasing the token’s demand.

The timing of this appeal coincides with Gensler’s impending departure on Jan. 20. Speculation is growing that his Trump-appointed successor, Paul Atkins, could shift the SEC’s enforcement priorities, potentially withdrawing the appeal altogether.

Ripple’s Chief Legal Officer Stuart Alderoty criticized the SEC’s refusal to delay the appeal process despite imminent leadership changes, calling it a waste of time and resources. Ripple remains confident in its position, viewing the new administration as an opportunity to resolve the matter favorably.

XRP Whales Are Accumulating — Santiment Data

XRP’s recent price surge is driven by aggressive whale accumulation and ETF speculation. According to Santiment, wallets holding 1–10 million XRP have added 1.43 billion tokens since November 2024, a 37.4% increase.