TL;DR
- XRP’s price has shown moderate fluctuations, currently at $0.51. Analyst predictions suggest a potential rally if it breaks the $0.57 mark, with significant growth expected upon surpassing a major resistance at $0.67.
- The ongoing Ripple v. SEC lawsuit remains a pivotal factor for the asset’s valuation, with many industry participants expecting a decisive victory for the company.
The Odds of an XRP Rally
XRP’s price has experienced slight volatility in the past several weeks, trading in the $0.48-$0.55 range. Currently, it equals $0.51 (per CoinGecko’s data), with many analysts outlining ambitious targets for the near future.
One such prediction came from the X user EGRAG CRYPTO, who noted that XRP’s price trajectory had closed two bullish and two bearish candles since April 8. The trader thinks surging above the $0.57 level is of utmost importance and “could break the structure.”
“The bulls and bears are fighting fiercely in the last 4 bars (weekly candles), so someone will win the battle. But in the end, the bulls will emerge victorious,” they envisioned.
David Watt and Crypto Tony chipped in, too. The former claimed that XRP may rise to $0.56 in the following days, while the latter thinks the asset’s real bull run will start once it overcomes the major resistance zone of $0.67.
The Ripple v. SEC Lawsuit Remains a Huge Factor
Many industry participants believe XRP‘s valuation will take off once there is a final settlement between Ripple and the US Securities and Exchange Commission (SEC). The entities have been confronting on the legal front for three and a half years, recently entering into a trial phase.
Both parties had to provide necessary documents, such as letters and motions, and currently await the judge’s decision.
According to some, the SEC is the underdog due to the three partial wins Ripple achieved last year and the fact that US magistrate Sarah Netburn oversees the case. Years ago, she showed a rather positive stance toward XRP, arguing it has a utility that “distinguishes it from Bitcoin and Ether.”
Those willing to dive much deeper and learn about the specifics of the lawsuit and its potential impact on the price of Ripple’s native token, feel free to take a look at our dedicated video below:
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