XRP to Break Out? Analysts Predict Mega Run with Targets Up to $1.50
- EGRAG CRYPTO and Javon Marks foresee the potential for XRP’s surge based on technical analysis.
- Analysts predict further growth, with targets ranging from $1.20 to $1.50.
Cryptocurrency enthusiasts are closely monitoring the recent price movements of Ripple’s native token, XRP, which has seen notable volatility in the past week. Currently trading between $0.51 and $0.54, XRP has experienced a 2% increase over the past 14 days. On-chain metrics, such as the rising long/short ratio and the total number of XRP holders, further reflect bullish sentiment among traders.
Analyst Predictions for XRP’s Future
According to an analysis by EGRAG CRYPTO, XRP’s recent performance aligns with previous expectations and Fibonacci levels, particularly the 0.702 – 0.786 range. The analyst suggests that XRP’s next target lies within the $1.20-$1.50 range, identifying the $0.70 – $0.75 zone as a critical breakout point.
Additionally, EGRAG CRYPTO points to the “Atlas line,” an ascending trendline indicating historical price rebounds and significant spikes, as further evidence of XRP’s potential for growth.
Javon Marks adds to the bullish sentiment, highlighting a “hidden bull divergence” observed in XRP’s price behavior over recent months. This divergence, according to Marks, could lead to sudden mass expansion in XRP’s value. Earlier predictions from Marks suggested that XRP was nearing a major converging point and showcased an RSI pattern indicating underlying momentum in prices.
$XRP can be on the literal brink of another mass expansion and many may not even realize… https://t.co/3dnqDWpg1E
— JAVON
MARKS (@JavonTM1) May 27, 2024
MARKS (@JavonTM1) Mixed Predictions for XRP’s Future Price Trajectory
Analysts remain divided on the future price trajectory of XRP, Ripple’s native cryptocurrency. While some, like BarriC, maintain a bullish outlook, predicting eventual price spikes to $1,000 based on historical growth patterns of other cryptocurrencies, others, such as Moon Lambo, are more skeptical.
Moon Lambo argues that XRP’s liquidity constraints may hinder it from reaching three-figure prices, suggesting that mainstream adoption could only push it into the triple digits. More moderate predictions from analysts like CryptoBull and JackTheRippler range from $100 to $154, contingent upon the resolution of the ongoing SEC lawsuit.
Crypto analysts Babenski and U-Copy anticipate a potential breakout for XRP after years of accumulation. Babenski predicts a significant surge in price, potentially surpassing its all-time high to reach $6, while U-Copy suggests that XRP’s triangular formation could culminate in a breakout by December 2024. These predictions signal optimism for XRP’s future performance, albeit with varying degrees of bullishness.
Impact of the Ripple v. SEC Lawsuit
One crucial factor influencing XRP’s price dynamics is the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC). Since December 2020, Ripple has been embroiled in a lawsuit with the SEC, which alleges that the company conducted an unregistered securities offering by selling XRP, raising over $1.3 billion.
Pro-XRP lawyer John Deaton has renewed calls for the resignation of SEC Chair Gary Gensler. Deaton contends that the SEC’s approach to crypto regulation has been overly stringent, stifling innovation within the industry. The call for Gensler’s resignation underscores the contentious relationship between regulators and certain segments of the crypto community, reflecting broader frustrations with regulatory overreach.
