TL;DR
- Ripple’s XRP surged 6%, nearing $0.55, with analysts predicting significant gains, including targets up to $15-$20 based on bullish indicators and RSI patterns.
- The outcome of Ripple’s lawsuit with the US SEC could also significantly impact the token’s value, potentially triggering substantial volatility.
Where is XRP Headed?
The cryptocurrency market has been booming lately amid increased chances that the US Securities and Exchange Commission might approve a spot Ethereum ETF as early as this week. Somewhat expectedly, ETH is among the best performers in the sector, but it is not the only one well in the green.
Ripple’s XRP jumped by 6% daily yesterday, inching toward the $0.55 mark for the first time since the beginning of May. The asset’s uptrend caught the eye of multiple analysts who believe impressive peaks might be on the horizon.
The most optimistic forecast came from the X user JAVON MARKS, who claimed that a bullish breakout is in the cards due to XRP nearing “a major converging point” and “an RSI Pattern that is currently indicating underlying momentum in prices.”
The Relative Strength Index (RSI) is a metric used in technical analysis to measure the speed and change of price movements. An RSI above 70 suggests the token might be overbought and could be due for a price correction. Data shows the ratio has predominantly hovered below the aforementioned figure during the ongoing month.
Based on these conditions, JAVON MARKS envisioned a wild target of $15-$20 for XRP’s value. “The signs for bullishness are there, and only time may be in the way of it being showcased,” they argued.
Additional Predictions
EGRAG CRYPTO and Dark Defender also touched upon XRP, outlining a bright future for the asset. The former suggested that the asset has been making “inclining steps to the upside” as of late, setting the $0.75 mark as the next target.
Dark Defender claimed XRP has “no obstructions” to reach $0.60, previously labeled as “the initial Fibonacci Resistance.”
“We expected to see it last week, but it was again silence; let’s see how it works this week,” the analyst said.
The price chart presented by the trader depicts XRP trading at $1.88 as early as this summer, a 250% increase from current levels.
One major factor that can trigger severe volatility in the asset’s value is the possible outcome of the lawsuit between Ripple and the US SEC. Those willing to learn about the case’s specifics and its potential impact on XRP, feel free to check our dedicated video below:
The post Top Ripple (XRP) Price Predictions to Watch Following Recent Surge appeared first on CryptoPotato.
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