Is Ripple (XRP) Gearing Up For A “Mega Double Digit Run?” (Analysts)

TL;DR

Analysts are predicting a potential rally for XRP, targeting between $1.20 and $1.50, with key breakout points between $0.70 and $0.75, supported by strong bullish signals. Ripple’s ongoing lawsuit against the SEC could significantly affect the value of XRP, as previous partial court victories fueled price increases. What are the odds of a rally?

Ripple’s XRP has witnessed some volatility recently, with the price hovering between $0.51 and $0.54 in the past week. Still, it’s up 4% on a 14-day scale, and many analysts expect the bullish trend to reach new heights in the near future.

User X EGRAG CRYPTO presented a price chart, according to which XRP’s recent performance is “aligning perfectly” with previous expectations and Fib levels 0.702 – 0.786. The analyst believes the next target for the asset is between $1.20 and $1.50, describing the area between $0.70 and $0.75 as a “critical breakout point.”

“While a retest of the breakout could be on the cards, a MEGA RUN for XRP is on the horizon. Yes, double digits is my goal,” EGRAG CRYPTO concluded.

The analyst further argued that the token is still holding strong on the “Atlas line”, an uptrend line that marks the points where the price has historically recovered and initiated significant peaks.

Another person giving his two cents is JAVON MARKS. They surmised that XRP has formed a “hidden bull divergence” in recent months, suggesting that the process could lead to a sudden “massive expansion”.

Earlier this month, JAVON MARKS argued that there could be a bull run on the horizon due to XRP approaching “a major convergence point” and “an RSI pattern that is currently indicating an underlying impetus to prices.”

The Relative Strength Index (RSI) measures the speed and change of price movements and ranges from 0 to 100. A ratio above 70 suggests that the asset may be overbought and a price correction could be in the offing. XRP RSI is currently at 44 after experiencing a significant drop last week.

The impact of Ripple’s lawsuit against SEC

One essential element that could cause significant volatility in the value of XRP is the potential outcome of the lawsuit between Ripple and the US Securities and Exchange Commission. The legal dispute 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 won three partial court victories last year. XRP’s price headed north after each win, with punters expecting another major rally in the event of a decisive win for the company.

Those curious to learn more about the specifics of the case and how it may affect the coin’s valuation, feel free to check out our dedicated video below:

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