Is Ripple (XRP) Gearing up for a ‘Mega Double-Digit Run?’ (Analysts)
TL;DR
- Analysts predict a potential rally for XRP, targeting $1.20-$1.50, with key breakout points at $0.70-$0.75, supported by strong bullish signals.
- The ongoing Ripple v. SEC lawsuit could significantly impact XRP’s value, with previous partial court victories fueling price increases.
What Are the Odds for a Rally?
Ripple’s XRP has witnessed some volatility recently, with the price ranging between $0.51 and $0.54 in the past week. Still, it is up 4% on a 14-day scale, and numerous analysts expect the uptrend to reach new dimensions in the near future.
The X user EGRAG CRYPTO presented a price chart, according to which XRP’s recent performance “is aligning perfectly” with previous expectations and the Fib 0.702 – 0.786 levels. The analyst believes the asset’s next target is in the range of $1.20-$1.50, outlining the $0.70 – $0.75 zone as a “critical break-out point.”
“Although a retest of the break-out might be in the cards, a MEGA RUN for XRP is on the horizon. Yes, my target is double digits,” EGRAG CRYPTO concluded.
Additionally, the analyst argued that the token is still holding strong on the “Atlas line,” an ascending trendline marking points where the price has historically rebounded and initiated significant spikes.
Another person giving their two cents is JAVON MARKS. They assumed that XRP has formed a “hidden bull divergence” in the past several months, suggesting that the process could lead to sudden “mass expansion.”
Earlier this month, JAVON MARKS maintained that a bull run could be on the horizon due to XRP nearing “a major converging point” and “an RSI Pattern that is currently indicating underlying momentum in prices.”
The Relative Strength Index (RSI) measures the speed and change of price movements and varies from 0 to 100. A ratio above 70 suggests the asset might be overbought and could be due for a price correction. Currently, XRP RSI stands at 44 after experiencing a significant downfall in the past week.
The Impact of the Ripple v. SEC Lawsuit
One essential element that could trigger severe volatility in XRP’s value is the potential outcome of the lawsuit between Ripple and the US Securities and Exchange Commission. The legal spat between the entities has been ongoing since December 2020, when the regulator accused the company of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP.
According to some industry participants, Ripple has the upper hand in the battle because it secured three partial court wins last year. XRP’s price headed north after each triumph, with bulls expecting another major rally in the event of a decisive victory for the firm.
Those curious to learn more about the case’s specifics and how it may impact the valuation of the coin, feel free to take a look at our dedicated video below:
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