Outside Source
TL;DR
- XRP’s price surged last week following a court ruling in the Ripple v SEC case.
- Despite some recent decline, there is ongoing optimism for a potential “mega run” and new highs for XRP.
Where to Now for XRP?
Ripple’s XRP made the headlines at the end of last week when experiencing a 20% price rally on a daily scale. It rallied to almost $0.64, while its market capitalization crossed $35 billion.
Its impressive resurgence came shortly after the latest development in the Ripple v SEC lawsuit. As CryptoPotato reported, Judge Analisa Torres ruled that the company must pay a $125 million fine for violating certain securities laws.
While the sum may sound substantial, it represents a deduction of 94% from the regulator’s initial demand of around $2 billion. Many industry participants (including Ripple’s CEO, Brad Garlinghouse) viewed this as a victory, hence the asset’s positive performance.
However, XRP lost momentum in the following days and currently trades at around $0.57 (per CoinGecko’s data). Numerous analysts, though, remain optimistic that new peaks are on the horizon.
The X user CJ claimed that XRP has been ranging in a “fair value gap” between $0.54-$0.58, expecting a push towards $0.658.
JAVON MARKS chipped in, too, arguing that the token has recently mirrored a similar bullish pattern in the form of a “hidden bull divergence” observed in 2016-2017, or shortly after experiencing a 62,100% price explosion.
“The Bullish Pattern looks to be complete, and XRP may be right in the early stages of its next colossal climb,” the analyst added.
For their part, Alex Clay assumed that XRP’s price movements have formed a “symmetrical triangle inside the symmetrical triangle.” The crypto enthusiast suggested this might be a good moment for investors to hop on the bandwagon or increase their exposure.
A symmetrical triangle is a pattern characterized by converging trendlines connecting lower peaks and higher dips. It is typically observed during periods of consolidation before the valuation breaks out, either upwards or downwards.
Some Previous Forecasts
Doctor Profit and CrediBULL Crypto were among the analysts touching upon XRP immediately after its surge last week. The former described the latest court ruling surrounding the Ripple v SEC case as “a massive, bullish event due to the newfound regulatory clarity and the flood of bullish rumors that will follow.”
“The lawsuit pressure is over, and remember, we didn’t have a bull run in 2021 for XRP! This means the indicators are not just bullish—they’re extremely bullish for XRP with a very healthy chart,” they suggested.
The trader also speculated that Ripple and the SEC might even start working on an XRP ETF behind doors, which could trigger an additional bullish environment.
CrediBULL Crypto also viewed the magistrates’ decision as a win, predicting it might be followed by a “mega run” for Ripple’s native token and a new all-time high.
This article first appeared at CryptoPotato
