The recent surge in XRP’s price after a court ruling in the Ripple v SEC case has sparked optimism among investors. Despite a slight decline in price following the rally, many in the industry are hopeful for a potential “mega run” and new highs for XRP.
Ripple’s XRP made headlines last week when it experienced a 20% price rally in a single day, reaching almost $0.64 with a market capitalization exceeding $35 billion. This surge came shortly after a court ruling in the Ripple v SEC case, in which the company was ordered to pay a $125 million fine for violating securities laws, significantly less than the initial demand of $2 billion. Many, including Ripple’s CEO Brad Garlinghouse, saw this as a victory, leading to the positive performance of the asset.
Despite the recent decline in XRP’s price to around $0.57, analysts remain optimistic about its future. CJ believes that XRP has been trading within a “fair value gap” between $0.54-$0.58 and expects a push towards $0.658. JAVON MARKS noted a bullish pattern similar to one observed in 2016-2017, suggesting that XRP may be in the early stages of a significant climb. Alex Clay pointed out a symmetrical triangle pattern in XRP’s price movements, indicating a potential breakout in either direction.
Some analysts, like Doctor Profit and CrediBULL Crypto, have speculated about the possibility of Ripple and the SEC working on an XRP ETF behind closed doors, which could further boost XRP’s price. CrediBULL Crypto also sees the recent court ruling as a win for XRP, predicting a potential “mega run” for the token and a new all-time high in the near future.
While XRP has experienced some volatility in its price following the recent court ruling, there is undeniable optimism among analysts and investors about its future potential. With ongoing discussions about regulatory clarity and potential bullish patterns, the outlook for XRP remains positive as it aims for new highs in the cryptocurrency market.
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