According to CryptoPotato, the ongoing lawsuit involving Ripple is a significant event in the cryptocurrency industry, with potential implications for the price of XRP. Despite the lawsuit's outcome, analysts are using this opportunity to predict potential price points based on certain technical patterns. One such analyst, EGRAG CRYPTO, recently identified a bullish candle formation known as the quarterly hammer.
The analyst suggests that based on this pattern, XRP needs to close the next three-month candle above $0.55 - $0.58 within the next ten days. This could set the stage for a significant price increase, although the current price action suggests this may be challenging. If successful, this would complete the first Hammer formation and potentially trigger a rally towards the $8 level, possibly starting as early as July.
EGRAG CRYPTO also speculates on XRP's price in six months, suggesting that if a second Hammer formation is completed, it could push XRP's price to an impressive $27. However, the analyst emphasizes that the next ten days will be crucial in determining this outcome.
It's important to note that XRP has been trading within a confined range for the past few weeks and has so far been unable to break out. This suggests that any upcoming movement could be significant, but it remains to be seen whether the bulls will take control. The broader crypto market is currently in a bearish trend, which could also impact Ripple's price.