Crypto analysts believe that XRP price is poised to move in a parabolic fashion, even if the CLARITY Act does not moving forward in the U.S. Senate. Popular analysts noted that the current weekly price action of XRP resembles the prior chart patterns that preceded the 2014 and 2017 explosive rallies of XRP. The forecast comes as uncertainty grows around the crypto market structure bill ahead of the Senate’s Sept. 15 cloture vote.
Analyst Says XRP Price Is Repeating Its Historic “Jumping Pattern”
Amid weeks of consolidation, crypto analyst Dark Defender posted a weekly chart for XRP price on X that displayed the token’s value above multiple long-term Exponential Moving Averages. The chart shows that the present structure is similar to two previous periods which were followed by a significant breakout.
The analyst wrote, “Whether or not they pass the Clarity, XRP is ready and mimicking the 2017 and 2014 Exponential Moving Average Jumping Patterns.”
The XRP price chart displays each historical breakout as a “Jumping Pattern. It also reveals the Ichimoku Cloud level, which many traders consider to be a long-term resistance level, are being attempted by XRP.
Another item on the chart is called “The Frog Leap.” It is pointing to a potential target around $18.23, and anticipates further Fibonacci extension levels for XRP in advance of that. The change from current prices to the target is actually about a 1201% increase. However, it shows a 361.80% surge for this level on the chart is most likely an error.
Dark Defender added, “The Frog Leap for an all-time high is closer than you can ever imagine.”
Mariotti, Lummis Weigh In As CLARITY Act Faces Crucial Vote
The bullish sentiment around XRP price comes in contrast to the growing uncertainty regarding the CLARITY Act. Mariotti, a former federal prosecutor, said he spoke with lawmakers and congressional staff in Washington and he believes the bill has lost momentum.
He revealed, “CLARITY is dead. Congress is entering a post-CLARITY era.”
Meanwhile, Sen. Cynthia Lummis kept pushing for the approval of the crypto bill by the end of the current Congress. She warned, “If the Clarity Act doesn’t pass this Congress, the next real opportunity to bring market structure legislation back up is 2030. That’s years of jobs, investment, and tax revenue we can avoid squandering if we finish this now.”
A cloture motion is set for Sept. on the Senate floor. 15. A roll call vote to start debate on the legislation is deemed to be a procedural vote. For this, it needs 60 votes to advance the crypto bill. Republicans are holding 53 seats, which means the motion would require 7 or more Democrats to support it for the bill to pass.
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