With the eagerly anticipated verdict on the ongoing legal dispute between #Ripple and the United States Securities and Exchange Commission (SEC) on the horizon, renowned #crypto analyst DonAlt believes that XRP is positioned for a substantial price upswing.
In a June 1 analysis on his YouTube channel, TechnicalRoundup, he expounded on the potential for XRP to witness a noteworthy surge, possibly even doubling or tripling its current value. This optimistic forecast hinges on a positive outcome, or even a moderately favorable one, of the SEC case, drawing upon the perceived strength observed in XRP’s market dynamics.
He stressed that even with a carefully placed stop-loss order, the potential upside of investing in XRP appears highly lucrative, offering the chance to amplify one’s investment two or threefold. He did, however, acknowledge that the downside risk should not be disregarded, as it could vary depending on the extent of a potential setback, estimated to be within the range of 10% to 15%.
“I think the XRP narrative could come rolling in again. The SEC case is getting closer and closer and I think basically if you have a stop loss on this thing the upside is like a double to a triple and the downside depends on how much you slip but like 10%-15%.”
He added:
“Even if the outcome of the case is just barely positive news right? It doesn’t even have to be the final outcome even if there’s just a frown on the judge’s face while the SEC is talking. Basically you’re gonna see quite a massive pump. I think it’s just a smart play. I think there’s probably better altcoin plays around but this just seems pretty straightforward, betting on $1 XRP doesn’t seem unreasonable to me.”
XRP price analysis
While DonAlt expounded that even a verdict favoring XRP to a minimal degree, such as a hint of disapproval manifested by the presiding judge while the #SEC presents its arguments, could catalyze a considerable price surge in XRP the token is currently trading at $0.515.
Over the past 24 hours, it has experienced a moderate increase of 1.96%, indicating a slight upward movement in price suggesting a positive sentiment among traders and investors in the short term.
Examining the support and resistance levels, we find that #XRP has a support level at $0.48428. This level represents a price point at which buying pressure has historically been significant, potentially acting as a psychological level where traders may consider entering new positions or adding to existing ones.
On the other hand, XRP faces a resistance level at $0.54011. This level indicates a price point where selling pressure has historically intensified, potentially slowing down or halting further upward movement. Traders often closely monitor this level as it can act as a barrier to continued price appreciation.
It’s important to remember that support and resistance levels are not definitive boundaries but rather zones where market dynamics can come into play.
Token dynamics
Looking at the broader picture, XRP has demonstrated a notable growth of 10.77% over the past week. This signifies a significant upward trend and implies that the cryptocurrency has been gaining traction and attracting increased attention from market participants.
Indeed the token is among the top 3 most trending cryptocurrencies as of June 2 and its social volume hit a 1-year high on optimism and network activity surge leading to an increase of $3 billion in the last week to its market cap which now stands at $26.7 billion.
source: finbold
image source: ai
Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.