XRP has recently seen a 10% price increase, sparking interest among crypto investors. This boost has pushed the token to levels not seen in nearly a month, raising expectations for further growth. Market watchers are speculating that XRP’s long consolidation phase may soon end.
Analysts are setting ambitious targets for the cryptocurrency, anticipating a significant rally.
Ripple’s Legal Win Drives XRP Price Higher
Four years ago, XRP’s price took a major hit when the US. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, accusing the company of selling XRP as an “unregistered security.” This led to uncertainty in the market, driving investors away from the token.
Ripple’s recent court victory has shifted the sentiment. As a result, XRP’s price has experienced a positive trajectory. A market analysis account on X, CredibleCrypto, stated that XRP’s rise to a new all-time high (ATH) is inevitable.
XRP Price Trajectory Analysis by CrediBULL Crypto. Source: @CredibleCrypto
He noted that XRP has traded between $0.40 and $0.75 since March, with a brief deviation in July.
XRP to Retest $0.75 Soon
Since Ripple’s court victory, XRP has traded in the $0.55 to $0.64 range. CredibleCrypto explained that the price deviations observed during this period often lead traders to take premature actions. The analyst expected XRP to retest the $0.75 resistance level soon.
If Bitcoin (BTC) price moves to the $61,000 to $62,000 range, XRP could begin a larger bull run.
Analysts Predict Long-Term Breakout
Analysts have identified long-term bullish patterns in XRP’s price movement. CredibleCrypto highlighted that XRP displays a 7-year bullish pennant pattern, which could lead to a major breakout. According to his analysis, the breakout could push XRP past its previous ATH of $3.4, with double-digit targets as the next step.
XRP Bullish Compression Analysis by CrediBULL Crypto. Source: @CredibleCrypto
Crypto trader Mikybull shares this view and emphasizes XRP’s strong chart position. He commented that XRP’s macro chart shows one of the most promising formations in the crypto market.
XRP Macro Bullish Trend Analysis by Mikybull Crypto. Source: @MikybullCrypto Higher Targets Set for XRP
Another analyst, Charlie.eth, predicted that XRP could hit a mid-term target of $2.5. He believes XRP could eventually reach $10 to $12 in the long run.
XRP Bullrun Price Targets by Charlie.eth. Source: @MrCharlie_eth
At the time of writing, XRP was trading at $0.578, showing a decrease of 1.21% in the last 24 hours. The token’s daily trading volume has also increased by 14.76%, now standing at $986,872,924.
XRP Market Performance Snapshot. Source: CoinMarketCap
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