Ripple (XRP) headed for a ‘parabolic breakout’, analysts pointed out

TL;DR

XRP has been trending up recently, and analysts are predicting a potential strong rally, possibly reaching $0.66 soon. Volatility is expected due to the ongoing Ripple v. SEC case, with the agency’s decision on whether to appeal the ruling still pending. “I think XRP is ready”

Ripple’s XRP gained momentum in the past two weeks, witnessing a price increase of around 10%. It briefly recovered to $0.60 a few hours ago before settling at the current $0.58 (according to CoinGecko data).

XRP Price, Source: CoinGecko

According to some analysts, XRP may soon make headlines with a mind-blowing rally. One example is popular user X Bitlord, who believes the token is set to experience a “vertically parabolic explosion” in the coming hours.

“The amount of hate XRP gets is phenomenal. The fact is that the last time I called ripple it moved a few billion. It’s over that too. Now I wish this party could start again” , they add.

The Great Mattsby also contributed, finding similarities between XRP’s late performance and Tesla’s ( TSLA ) performance during the 2010s. During that decade, the stock’s valuation soared from less than $2 to $30 dollars The electric vehicle giant continued its upward trend in the following years, and TSLA shares are currently worth nearly $240. This is an interesting comparison, to say the least, given that both assets have literally nothing in common.

For its part, Dark Defender claimed that XRP could be about to rise to $0.66. “January 2018 resistance will be removed above $1.03, yes, exactly at that point, interesting,” the trader added.

Forward Volatility Based on Ripple vs. SEC Case?

The price of XRP may see more ups and downs in the coming weeks due to possible developments surrounding the lawsuit between Ripple and the US Securities and Exchange Commission (SEC).

The legal battle is in its latest chapter after Judge Torres ruled in August that the company’s sales of XRP on secondary markets to retail investors did not constitute securities transactions. However, it ordered Ripple to pay a $125 million fine for violating certain laws.

The amount represents a 94% reduction on the amount initially requested by the regulator. As such, an appeal by Ripple is highly unlikely. Additionally, CEO Brad Garlinghouse and CLO Stuart Alderoty said the firm will respect the court’s decision.

The SEC, however, could fight the ruling. Although the deadline for such a move is October 7, the agency is silent on whether it will go down that path.

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