Is XRP on the verge of a massive move?

TL;DR

The price of XRP rose last week after a court decision in the Ripple v. SEC case. Despite a recent decline, there is continued optimism for a possible “mega run” and new highs for XRP. Where to go now for XRP?

Ripple’s XRP made headlines late last week when it experienced a 20% price increase on a daily basis. It rose to almost $0.64, while its market capitalization exceeded $35 billion.

Its impressive resurgence came shortly after the latest development in the Ripple lawsuit against the SEC. As CryptoPotato reported, Judge Analisa Torres ruled that the company must pay a $125 million fine for violating certain securities laws.

While the sum may seem substantial, it represents a 94% deduction from the regulator’s initial demand of around $2 billion. Many industry participants (including Ripple CEO Brad Garlinghouse) saw this as a win, hence the asset’s positive performance.

However, XRP lost momentum in the following days and is currently trading around $0.57 (according to CoinGecko data). However, many analysts remain optimistic that new peaks are on the horizon.

User X, CJ, stated that XRP has been in a “fair value gap” between $0.54 and $0.58, expecting a push towards $0.658.

JAVON MARKS also chimed in, arguing that the token has recently reflected a similar bullish pattern in the form of a “hidden bullish divergence” seen in 2016-2017, or shortly after it experienced a 62,100% price explosion.

“The bullish pattern appears to be complete and XRP may be in the early stages of its next colossal rally,” the analyst added.

For his part, Alex Clay surmised that XRP’s price movements have formed a “symmetrical triangle within a symmetrical triangle”. The crypto enthusiast suggested that this could be a good time for investors to jump on the bandwagon or increase their exposure.

A symmetrical triangle is a pattern characterized by converging trend lines connecting lower highs and higher lows. It is usually observed during periods of consolidation before the burst of valuation, either up or down.

Some preliminary forecasts

Doctor Profit and CrediBULL Crypto were among the analysts who discussed XRP immediately after its rise last week. The former described the latest court ruling surrounding the Ripple v. SEC case as “a massive, bullish event due to newly discovered regulatory clarity and the flood of bullish rumors that will follow.”

“Demand pressure is over and remember we didn’t have a bull run in 2021 for XRP! This means the indicators are not only bullish but extremely bullish for XRP with a very healthy chart” , they suggested.

The trader also speculated that Ripple and the SEC might even start working on an XRP ETF behind closed doors, which could trigger an additional bullish environment.

CrediBULL Crypto also saw the magistrates’ decision as a victory, predicting that it could be followed by a “mega run” for Ripple’s native token and a new all-time high.

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