Is a massive rally to $16.89 on the horizon? Read CoinChapter.com on Google News

NAIROBI (CoinChapter.com) —  Cryptocurrency enthusiasts believe the current period represents the “final shakeout” for XRP, with significant profit potential on the horizon. This sentiment comes as the Ripple-SEC lawsuit approaches its final settlement.

XRP/USD 1-day price chart. Source: CoinMarketCap

Ripple (XRP) is trading at $0.4368, up from a recent low of $0.3911, its lowest in over a year. This price recovery has captured the attention of market watchers, who are sharing historical charts showcasing XRP’s explosive growth in 2014 and 2017.

During these periods, XRP surged significantly, peaking at an all-time high (ATH) of $3.84 in 2017.

Analysts Predict Major XRP Rally Amid “Final Shakeout” Phase

Analysts have identified patterns in XRP’s price movements that resemble its historical performance. The term “final shakeout” describes the current phase, where the price corrects significantly before a potential surge.

A chart shared by analyst Crypto Barbie on X illustrates a classic shakeout pattern, indicating that selling XRP now could mean missing an imminent surge.

In the short term, analysts predict XRP could rally to $1.44. A breakout at this level might trigger a more aggressive bullish phase. In an optimistic scenario, CryptoGeek forecasts XRP could soar to $16.89.

Analysts remain bullish on XRP prices. Source: CryptoGeek

Despite recent declines, with XRP down 8% in the past week and 17% over the past month, analysts remain hopeful. CryptoGeek highlights historical precedents where XRP experienced explosive growth, sometimes surging over 110,000%.

Technical indicators such as the Relative Strength Index (RSI) and hidden bullish divergence suggest underlying strength and potential for an imminent breakout in XRP’s price.

Impending Lawsuit Resolution as a Catalyst

The ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has created a cloud of uncertainty over the company’s future. Ripple faces allegations of conducting an unregistered securities offering through its sales.

XRP price could get a boost if the Ripple vs SEC lawsuit goes its way. Source: Crypto Barbie

Pro-XRP lawyer Fred Rispoli suggested that Judge Analisa Torres may issue the ruling on July 31. Rispoli also noted that July 13 could be a possible date, given its significance in the XRP community. On this day in 2023, Judge Torres ruled that XRP is not a security.

The date holds sentimental value as it marks the anniversary of the ruling. However, Judge Torres also ruled that Ripple’s institutional sales of XRP violated Section 5 of the Securities Act. This part of the case awaits a final verdict this month.

July 31, although I could see her doing July 13 to be poetic.

— Fred Rispoli (@freddyriz) July 2, 2024

In addition to Rispoli, Yassin Mobarak, the founder of Dizer Capital, has also predicted that Judge Torres will issue the final judgment this month. As the anticipation builds, pundits expect XRP to embark on a rally that could potentially break its six-year-old ATH in the coming days.

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