Analysts Wildly Bullish On XRP Price Prospects, Predict A Rise To $590
XRP has gained attention from crypto followers as a possible price rise is near. After staying steady for a long time, analysts believe XRP might soon see a big move. The data shows this could be a key moment for XRP.
XRP Price Consolidates for 540 Days, Breakout Anticipated
XRP has been consolidating for 540 days, beginning on March 13, 2024. The XRP price has remained within a tight range of $0.48 to $0.50, indicating an extended accumulation phase.
According to popular crypto analyst Egrag Crypto, this long period of stability could be the calm before a major XRP pump.
XRP Market Analysis. Source: EGRAGCrypto
This has sparked interest and conversation within the XRP community as they await the potential price surge. While the broader cryptocurrency market has experienced volatility, XRP has remained stable.
Historical Patterns Indicate Possible XRP Pump
Crypto analyst Jack the Rippler highlighted historical data to support predictions of a potential XRP pump. He drew parallels between the current price consolidation and a similar phase in 2017. Back then, XRP experienced a significant price increase following a period of accumulation.
Jack the Rippler suggested the current market setup could lead to a similar pump by 2025.
According to his analysis, XRP is forming a bullish triangle pattern similar to the one that preceded its 2017 rally. If the pattern holds, the XRP price could reach $590, about 96,450% above its current levels.
However, analysts remain cautious, noting that historical patterns may not always predict future outcomes. Such extravagant price targets rarely come true, and though a breakout would very likely help the Ripple token print gains, the $500 price tag is an achievement that would likely take XRP years to reach.
XRP USD pair Projection Analysis. Source: JackTheRippler
Matt from the Moon Lambo Channel, a well-known crypto YouTuber, added that XRP has shown resilience in recent market downturns. Despite the volatility, XRP has outperformed many of the top 100 cryptocurrencies since June 7, 2024.
Matt emphasized that XRP has remained steady even as other assets have fluctuated, strengthening confidence in an upcoming pump.
Rippleâs SEC Battle and XRP Price Resilience
The ongoing legal battle between Ripple and the SEC remains a significant factor in the tokenâs future. Some have expressed concern that the SECâs potential appeal could drag out the case, impacting the XRP price.
However, crypto lawyer Fred Rispoli downplayed these fears, stating that the appeal will unlikely affect XRPâs performance in the next bull run.
âTo those freaking out over possible SEC vs. Ripple appeal: Donât. There wonât be a ruling until 2026⊠If Ripple and/or XRP donât make it now, itâs not because of the SECâs case,â
Rispoli said recently. His statement has reassured those who worry about the lawsuitâs impact on XRPâs price.
Fred Rispoliâs XRP SEC Update. Source: X
According to CoinMarketCap, the Ripple token traded at $0.586 as of the time of writing, reflecting a 0.23% increase over the past 24 hours.
XRP USD Trend and Market Data. Source: CoinMarketCap
Despite the legal challenges and broader market volatility, XRP remains steady, with many in the community remaining optimistic about the assetâs potential for a significant price increase.
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