XRP is making way to the $0.7-$1 price level in the short term, predicted an analyst.
Bloomberg believes that Ripple’s victory in the SEC lawsuit will benefit Coinbase as well.
XRP is trading at $0.5772, up 12.28% in the past seven days.
XRP, the seventh-largest cryptocurrency by market capitalization, is on a bullish path as the altcoin has broken out of a significant pattern and aims higher. As shared by prominent analyst JackTheRippler on social media platform X (previously known as Twitter), the altcoin could soon reach the $0.70 price level in the short term, and even potentially hit $1.00 after breaking out of a triangle pattern.
It is also important to note that XRP can go as high as $1 as per JackTheRippler after the altcoin broke out of a triangle pattern and the bullish price surge can be expected. As reported earlier, Ripple, the firm responsible for the XRP token, won a crucial battle against the Securities and Exchange Commission (SEC), pushing the cryptocurrency up by 18%.
#XRP is looking really good right now. It just broke out of a triangle pattern! Next target $0.70 – $1 🎯 pic.twitter.com/FdSGQmwKrH
— JackTheRippler ©️ (@RippleXrpie) August 14, 2024
As per a newsletter published by Bloomberg, Ripple was asked to pay a $125 million civil penalty by Judge Analisa Torres while the SEC had demanded a whopping $2 billion. The regulator’s suggestion was shut down by the judge and the crypto sector celebrated Ripple prevailing over the regulatory authority.
According to the newsletter authored by Chris Dolmetsch, this is a game changer for the crypto sector and for the other firms involved in a legal battle with the SEC. Bloomberg Intelligence analyst Elliot Stein stated that the decision by Judge Torres “bodes well for Coinbase Global Inc. in its battle against the agency and could boost its odds of a favorable decision in that case.”
Interestingly, as per the data from CoinMarketCap, XRP is up 1.12% in the past 24 hours and is trading at $0.5772 at the time of writing. The digital asset is up 12.28% in the past seven days and 9.09% in the past month. However, the altcoin is down 8.10% since August 2023.
Source: TradingView
The Relative Strength Index (RSI) reads a value of 52.15 which means that the bulls are completely in charge of the altcoin’s price action with chances of higher prices in the near future. Further, the gradient of the line suggests that higher prices might follow soon.
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