XRP price targets $4 with 60% gain expected post SEC developments

XRP (CRYPTO:XRP) is positioned for a potential 60% gain, aiming for a price of $4 in the coming days following a breakout from a bullish symmetrical triangle pattern. 

This positive outlook coincides with Ripple's recent legal victory in its ongoing case against the U.S. Securities and Exchange Commission (SEC). 

On January 11, XRP entered the breakout phase of its symmetrical triangle, which is typically considered a bullish continuation pattern. 

This breakout was accompanied by increased trading volumes, reinforcing the bullish sentiment among traders. 

Independent market analysts suggest that XRP could reach the $4 target within just a few days, although it was showing signs of retreat toward the lower trendline at around $2.37 as of January 12.

A decline below this support level could jeopardize the breakout scenario and lead to further downward movement toward the $2.30 mark.

The recent legal developments have also contributed to XRP's volatility, particularly as the SEC faces a January 15 deadline to file its appeal regarding key rulings in the Ripple case.

On January 11, a federal judge approved an administrative motion to seal certain documents, ensuring confidentiality in sensitive information related to Ripple’s summary judgment motion.

Despite Gary Gensler's impending departure from the SEC on January 20, legal experts believe that the agency will continue to pursue its appeal aggressively.

However, there is cautious optimism among investors regarding potential regulatory shifts under incoming SEC leadership. 

“Paul favors free markets and hates over-regulation — which should be a net-positive for the cryptoverse,” noted John Reed Stark, former chief of the SEC Office of Internet Enforcement, highlighting that new leadership may favor less aggressive regulatory measures.

At the time of reporting, the XRP price was $2.51.