According to CryptoPotato, XRP, despite lagging behind other cryptocurrencies in gains, is predicted to rise significantly due to positive technical indicators and a potential legal victory in the Ripple v. SEC case. Analysts foresee the asset reaching between $2.90 and $16.10, with some envisioning even higher prices if certain conditions are met.
On July 1, the cryptocurrency market showed substantial gains with Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and many more charting substantial gains. Ripple’s XRP, however, registered a mild price increase of 1.1% on a daily scale and is currently trading at around $0.47.
Some analysts believe the asset is yet to experience a bull run, envisioning a rise to a new all-time high. EGRAG CRYPTO, an X user who often discusses the matter, noted that XRP’s monthly time frame candle formation closed above a major resistance level known as the Fibonacci 0.236. The trader described the move as a “natural consolidation,” expecting a jump to Fibonacci 1.618 ($6.40). Brett Hill and Armando Pantoja were also bullish. Hill suggested that XRP’s next target could be between $2.90 and $16.10, while Pantoja presented three important factors that could trigger a price jump toward the $5 milestone.
One of these factors includes a resolution in the Ripple v. SEC legal battle, which has been ongoing for over three years. The case is currently in its trial phase, with the company seemingly having the upper hand after securing three vital yet partial court victories throughout 2023. Each triumph triggered a price rally for XRP, and many industry participants think the asset will rally once again in the event of a decisive Ripple win.
Last month, EGRAG CRYPTO predicted an XRP rally based on the low Relative Strength Index (RSI) as of late. The technical analysis tool measures the speed and change of price movements and varies from 0 to 100. A ratio of above 70 indicates that the asset might be overbought and headed for correction. Data shows that this level was crossed only three times in the past 30 days, currently standing at around 56. JAVON MARKS, another X user who often speculates on XRP’s movements, envisioned a price explosion to $20 and even higher should the asset mirror its performance from previous years.