- Experts predict a 2017-style rally for XRP, with bullish chart formations and a potential Ripple-SEC settlement driving optimism.
XRP’s recent price movements indicate potential for significant growth, with the crypto community setting a $5 target.
As a seasoned financial analyst with extensive experience in the cryptocurrency market, I have closely monitored XRP‘s price movements and industry developments over the past few years. While XRP has faced challenges following Ripple’s legal battles with the SEC, recent chart formations and expert predictions suggest a potential 2017-style rally, with bullish chart patterns and optimism surrounding a possible Ripple-SEC settlement.
Over the past year, Ripple’s digital asset XRP has gone through price ups and downs, facing challenges notwithstanding Ripple achieving several preliminary triumphs in its legal battles with the US Securities and Exchange Commission (SEC).
In spite of certain developments, optimistic chart patterns and numerous forecasts suggest that XRP‘s price may hit a fresh record high. There’s buzz within the cryptocurrency world regarding a possible resolution to the ongoing Ripple-SEC legal dispute, which could potentially boost prices even further.
Although there isn’t any definitive proof to back up this hypothesis, it could potentially be just a case of “buying the rumor, selling the news.”
Chart analysis and expert predictions
A crypto analyst recently tweeted,
Based on the XRPBTC chart’s indication, this recent surge in XRP prices has only just started. A melt-up reminiscent of 2017 is anticipated to follow suit, but it might be hard for you to believe that.
Among crypto enthusiasts, there’s growing excitement about this declaration, as they advocate for a potential price point of $5 for XRP.
In the past, XRP underwent a significant surge in the first part of 2017, after which it exhibited some volatility but mostly held a steady course until the beginning of 2021.
From late 2023 through 2024, there’s been a substantial increase in prices, indicating a likely upward trend in the future.
Another prominent figure on X, Rarara, mentioned,
“The weekly $XRP chart displays a golden cross indicator. The Relative Strength Index (RSI) is also favorable at approximately 44.31. If this trend continues, we could be in for significant growth – potentially reaching new heights. Additionally, recent news suggests that Ripple may be nearing a resolution with the SEC regarding their ongoing legal dispute.”
The growing optimism was significantly boosted by recent whale behavior, as substantial amounts of XRP were transferred from Binance to unidentified wallets, implying possible accumulation by significant investors.
At the moment of reporting, XRP was priced at $0.6092, and its trading volume over the past 24 hours reached an impressive $2.26 billion. This translates to a 0.42% decrease in value compared to the previous day.
Many in the cryptocurrency world interpret this latest price trend as a promising indicator, suggesting potential for further expansion.
Prospects of an XRP ETF
Based on an earlier article in AMBCrypto, Brad Garlinghouse, Ripple’s CEO, has indicated that a XRP exchange-traded fund (ETF) could be approved for launch in the US by 2025. This possibility has sparked enthusiasm among crypto enthusiasts.
The expectation of an XRP ETF approval infuses additional enthusiasm about XRP’s potential price growth. This prospect excites investors as they believe it will enhance XRP’s credibility and market stability, ultimately leading to a price surge.
Additionally, the XRP liquidations graph demonstrates a varying pattern of long and short liquidations between late January and late July. Notable surges in long liquidations took place around mid-February and mid-April, aligning with pronounced price fluctuations.
In the initial part of July, there was a noticeable surge in small-scale liquidations as the XRP value went up. This pattern indicates that investors are responding vigorously to price fluctuations, thereby amplifying market turbulence.
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2024-07-26 06:02