Technical analysis shows XRP is starting to move in a positive direction being below par for a while. A crypto expert called World of Charts sees a falling wedge pattern, and from his chart, the price is going toward the resistance at the top.
The analyst says XRP is expected to break out. This price could go up by 55-60%.
Their technical analysis shows that XRP has been trading in a descending triangle pattern since January. The price is now closer to the top of this triangle, and a breakout could make it spike 60%.
Fundamental Factors Supporting XRP’s Growth
JayGrissom.ICP∞ (@jfgrissom) lists several key reasons why XRP could increase in value:
Clearer Rules: Unlike many other cryptocurrencies, XRP has clearer rules from regulators. This has often led to big price increases in the crypto world.
XRPL Stablecoin: The XRP Ledger will soon let people use a US-backed stablecoin (RLUSD). Other networks have seen their native coins rise a lot when they added stablecoins, like BNB going up 3,100%.
XRP-backed ETP: A new investment product backed by physical XRP will launch, worth $12 per unit. This shows more institutions are interested in XRP.
XRP Price Index: The CME has made an official price index for XRP; it signals more adoption.
SEC Lawsuit Ending: XRP may be classified as a commodity through their ongoing case with the SEC. This could open new trading opportunities.
Bitcoin Halving: Bitcoin halving usually leads to rallies across various cryptos, which could benefit XRP in the next 6 to 18 months.
Partnerships: Bitstamp, an XRP liquidity provider, is being bought by Robinhood. This could expand XRP trading pairs with different currencies on a popular retail platform.
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Conclusion
When you look at the technical signs and important changes happening, it seems XRP could rise a lot in value soon. Of course, the crypto market is always unpredictable and many outside factors can affect prices. But right now, the outlook for XRP looks promising.
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The post Ripple’s XRP Looking Bullish: Analyst Predicts 60% Surge as Technical and Fundamental Factors Align appeared first on CaptainAltcoin.
