Is XRP on the Verge of a Massive Move?

Summary

• XRP price surged last week following a court ruling in the Ripple v SEC case.
• Despite some recent dips, there is continued optimism about a potential “mega bull run” and new highs for XRP.

Where is XRP headed next?

Ripple’s XRP made headlines late last week when experiencing a Price increase of 20% on a daily scaleIt rose to almost $0.64, while Its market capitalization exceeded $35 billion.

Its impressive resurgence came shortly after the latest development in the Ripple vs. SEC lawsuit. Cryptopotato reportedJudge Analisa Torres ruled that the company must pay a fine of 125 million dollars for violating certain securities laws.

While the sum may seem substantial, it represents a 94% deduction from the regulator’s initial demand of around $2 billion. Many industry participants (including Ripple CEO Brad Garlinghouse) saw this as a win, hence the asset’s positive performance.

However, XRP lost momentum in the following days and at the moment It is trading at around $0.57 (according to data from CoinGecko). However, many analysts remain optimistic and believe that new highs are on the horizon.

User X CJ reclaimed that XRP has been oscillating in a “fair value gap” between $0.54 and $0.58, awaiting a push towards $0.658.

JAVON MARKS also chimed in, arguing that the token has recently mirrored a similar bullish pattern in the form of a “hidden bullish divergence” seen in 2016-2017, or shortly after experiencing a 62,100% price explosion.

“The bullish pattern appears to be complete, and XRP may be in the early stages of its next colossal rise,” the analyst said. aggregate.

For his part, Alex Clay fictional that XRP price movements have formed a “symmetrical triangle within a symmetrical triangle.” He crypto enthusiastic He suggested this could be a good time for investors to jump on the bandwagon or increase their exposure.

A symmetrical triangle is a pattern characterized by converging trendlines connecting lower highs and higher lows. It is typically seen during periods of consolidation before the valuation spikes, either up or down.

Some previous forecasts

Doctor Profit and CrediBULL Crypto were among the analysts who spoke about XRP immediately after its surge last week. described The latest court ruling regarding the Ripple v SEC case as “a massive bullish event due to the new regulatory clarity and the avalanche of bullish rumors that will follow.”

“Demand pressure is over, and remember, we did not have an uptrend in 2021 for XRP! This “It means that the indicators are not just bullish, they are extremely bullish for XRP with a very healthy chart,” they suggested.

The trader also speculated that Ripple and the SEC could even start working on an XRP ETF behind closed doors, which could trigger an additional bullish environment.

CrediBULL Crypto also considered the magistrates’ decision as a victory and predicted that it could be followed for a “mega run” of Ripple’s native token and a new all-time high.