Ripple (XRP) Bull Run to Return? This Level Needs to Fall First According to Analysts
TL;DR
- Ripple’s XRP experienced a modest 2% daily increase, currently valued at nearly $0.61.
- Analysts believe the asset could surge if it surpasses the $0.75 resistance, with its price also affected by the upcoming Ripple vs. SEC trial.
The cryptocurrency market launched another substantial rally today (April 8), with Bitcoin (BTC) briefly surpassing the $72,500 mark.
Ripple’s XRP has also caught the green wave, albeit charting less impressive gains than its rivals. Currently, the asset is worth almost $0.61, representing a 2% increase on a daily scale.
Some of the bullish analysts who observe XRP’s movements quite frequently, though, predict this is the starting point for a significant future upswing. The X user EGRAG CRYPTO claimed the asset’s price trajectory has formed the so-called “three camel humps.”
The analyst believes that breaking above the major resistance level of $0.75 could lead to a “bullish momentum” and an eventual jump to the range of $1-$1.30.
Dark Defender chipped in, too, suggesting that XRP is currently at a “bouncing point” and forecasting that it “will definitely appreciate against BTC very soon.”
Other industry participants, including the crypto analyst Mikybull Crypto and the financial expert Vandell AlJaraah, also gave their two cents recently.
The former maintained that XRP “has concluded its retest and it’s now preparing for an explosive upward move,” while the latter thinks the asset’s valuation will peak in the months after the Bitcoin halving.
Several important factors, including the outcome of the Ripple vs. the SEC lawsuit, can trigger significant price swings for the token. As CryptoPotato reported, the grand trial between the parties is scheduled for April 23.
Those curious to explore additional elements hinting that XRP is on the verge of explosive growth this year, feel free to check our dedicated video below:
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