Technology

Bitcoin ‘bull pennant’ eyes $165K, Pomp scoops up $386M BTC: Hodler’s Digest, June 22 – 28

Posted on by Minakshi

Bitcoin Bullish Signals Emerge; Prominent Investor Makes Major BTC Purchase

XRP Price Surges Following Ripple’s Legal Move

The price of XRP witnessed a notable increase, jumping over 3%, following an announcement from Ripple Labs. CEO Brad Garlinghouse stated that the company is withdrawing its cross-appeal against the US Securities and Exchange Commission (SEC), anticipating a similar move from the regulator.

Garlinghouse took to X (formerly Twitter) to share the update, stating they are “closing this chapter once and for all” and focusing on building the “internet of Value.”

Ripple’s XRP Sees Immediate Positive Impact

According to CoinMarketCap data, XRP surged 3.36% to $2.18 within five hours of Garlinghouse’s post. This positive price action reflects investor optimism regarding the potential resolution of the ongoing legal battle between Ripple and the SEC.

Bitcoin’s Technical Indicators Suggest Potential Upside

Technical analysts are observing a “bull pennant” pattern forming in Bitcoin’s price charts. This pattern is typically interpreted as a bullish signal, suggesting a continuation of the existing upward trend. Some analysts are predicting that Bitcoin could potentially reach $165,000 based on this pattern.

Anthony Pompliano Invests Heavily in Bitcoin

Prominent Bitcoin advocate Anthony Pompliano, also known as “Pomp,” has reportedly acquired $386 million worth of Bitcoin. This substantial investment reflects a strong belief in the long-term potential of Bitcoin as an asset.

Summary:

  • XRP price increased after Ripple announced the withdrawal of its cross-appeal against the SEC.
  • Bitcoin displays a “bull pennant” pattern, potentially signaling a significant price increase.
  • Anthony Pompliano made a substantial $386 million Bitcoin purchase.
Key Takeaways:

  • Legal developments significantly impact cryptocurrency prices, as demonstrated by XRP’s surge.
  • Technical analysis plays a crucial role in predicting potential cryptocurrency price movements.
  • Large institutional investments highlight continued confidence in Bitcoin’s value proposition.
  • The outcome of the Ripple-SEC case continues to influence the broader crypto market sentiment.