The past weekend saw a surge in XRP’s price, marking a welcome change after a period of volatility for major cryptocurrencies. As of Sunday, XRP was trading at $0.592, a 2.15% increase in 24 hours and a 24% jump over the past week. This resurgence has ignited investor interest, with many speculating on the possibility of a significant bull run for XRP.
Adding fuel to the fire, crypto analysts have identified bullish technical patterns on XRP’s charts. CryptoGeek, a notable analyst, observed a symmetrical triangle forming on the monthly chart. A breakout from this pattern, according to CryptoGeek, could propel XRP’s price to a staggering $320, mirroring a similar pattern observed during the 2017 bull run. This would translate to a monumental 61,000% increase from its current price point.
Further bolstering this optimistic outlook, analyst Javon Marks believes that a breakout from the symmetrical triangle could trigger a “full logarithmic follow-through,” potentially pushing XRP’s price above $150. Marks draws parallels between this potential breakout and the legendary 2017 bull run.
In the shorter term, analyst Dark Defender presents a bullish forecast based on the ABCDE structure visible on the 3-month chart. He predicts a surge in the third wave towards $18.2275, with a potential peak of $36.7676 in the fifth wave. Defender also identified key resistance levels at $0.6044 and $0.6649, with support levels at $0.4623 and $0.3917.
It’s important to note that these projections coincide with the nearing conclusion of the legal battle between Ripple and the SEC. A significant victory for Ripple was secured in July 2023 when the Southern District of New York ruled that XRP is not a security. This ruling was a landmark decision for the entire cryptocurrency industry.
On Saturday, Ripple’s general counsel, Stuart Alderoty, took to Twitter to express his dissatisfaction with the SEC’s conduct under Chair Gary Gensler. He highlighted the growing frustration among policymakers regarding the lack of clear regulations for cryptocurrencies. Alderoty remains confident that the court’s decision on XRP’s status will be upheld despite the SEC’s ongoing legal challenges against Ripple and the broader crypto industry.
“While the case isn’t entirely settled (remedies still to be determined), the court’s ruling that XRP isn’t a security will stand (even the SEC conceded this). Don’t be misled by the SEC’s attempts to stall Ripple and the industry…Ripple and the industry will emerge stronger, long after Chair Gensler is gone,” Alderoty tweeted.
As the lawsuit nears a potential settlement, the market exudes optimism about XRP’s future. The anticipation of a favorable legal outcome coupled with strong technical indicators suggests that XRP could be on the verge of a historic bull run. However, it’s crucial for investors to conduct thorough research and exercise caution before making any investment decisions.
